Industry at a glance
An interim agreement between OECD countries and Iran concerning the latter’s controversial nuclear program has had little effect on oil prices. Supplies in the U.S. have swelled, putting a damper on crude price increases and further widening the gap between West Texas Intermediate, hovering around $94/bbl, and Brent Blend, averaging about $108 in November. OPEC crude production declined for the fourth month in a row, led by collapsing Libyan output, while the OECD added another half-million bpd in crude and NGL production. U.S. crude output inched above 8 million bpd in November, an increase of almost 14% year-over-year. The U.S. rotary rig count stayed flat at around 1,775.
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