Industry at a glance ///

In July, oil prices dropped nearly 20%, compared to early June, after Canadian supply returned when wildfires were extinguished and production in Nigeria recovered after unrest was quelled. However, the dramatic year-long decline in U.S. drilling activity is taking a toll on production, causing U.S. crude stockpiles to decline for a record ninth consecutive week, with a drawdown of 2.34 MMbbl reported for the week ending July 15. While U.S. output continued to slump, Middle Eastern production hit a new high, exceeding 31 MMbopd amid near-record supply from Saudi Arabia. While the re-balancing of global oil markets is progressing, record-high crude and gasoline inventories continue to put downward pressure on prices. The U.S. rotary count is recovering, averaging 450 rigs in July, while the international rig count gained 4 units, to average 997 in June.

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