Industry at a glance ///

WTI crude fell below $90/bbl to $88.81, as stockpiles increased, putting it at about $15 lower than a year ago. Brent hit a low for the new year at $96.84/bbl, later inching back to around $99/bbl, or about $20 dollars lower than in April 2012. OPEC production fell slightly to 36.67 MMbopd, as Iraq, Iran and North Africa reduced output. OECD production climbed by 900,000 bopd, to 20.72 MMbopd, with the U.S. gaining 760,000 bopd, compared to the average 2012 level. The U.S. rotary rig count was down 11% from March 2012. Outside of Canada, the international rig count was up 6.0%, compared to 2012. International offshore rigs were up 4.6% from 2012.

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