Industry at a glance ///

Worldwide crude oil prices continued their downward spiral, sinking to six-year lows in August. After rebounding on a combination of economic data and possible production cuts, prices turned volatile in September. On Sept. 28, Brent traded at $47.37/bbl, with WTI at $44.47/bbl. OPEC crude supply fell by 220,000 bpd in August, to 31.57 MMbpd. The group’s output stood 1.2 MMbopd higher than a year ago. Global oil demand growth is expected to climb to a five-year high of 1.7 MMbpd in 2015, before moderating to 1.4 MMbpd in 2016. The U.S. rotary rig count continues to slide, with 848 rigs active in September, a 4% reduction from the previous month’s average of 883. The international rig count increased 10 rigs, overall.

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