Industry at a glance ///

A crude oil supply tightening that began in mid-2009 has shown signs of turning around in first-quarter 2012, suggesting that a buildup of oil stocks may begin to put downward pressure on prices. Nevertheless, crude hit significant highs in March, buoyed by the possibility of supply disruptions. U.S. production rose again, while world crude production slipped both inside and outside OPEC. The international rotary rig count dropped by some 200, while in the U.S. rig count softened, though still remaining 15% ahead of this time last year. Workovers continued to climb, showing modest gains in most parts of the country.

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