Industry at a glance ///

In July, oil prices dropped sharply to a three-month low, responding to a relentless rise in world supply, with WTI dipping back below $50/bbl. Output from OPEC rose to a three-year high, topping out at 31.7 MMbopd, led by Saudi Arabia, the UAE and Iraq. Meanwhile, lower demand in China, along with economic uncertainty brought on by the Greek financial crisis, squeezed markets from the other end. U.S. crude production showed few signs of abating, despite scaled-back drilling and deferred completions in unconventional fields. The U.S. rotary rig count appears to have leveled out, averaging 864 rigs in July, while the international rig count rose to average 1,330, led mainly by a seasonal rise in Canadian onshore drilling.

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