Industry at a glance ///

Global oil prices leveled out during June, with the differential between WTI ($59.84) and Brent ($61.53) narrowing further, to just, on average, $1.70/bbl. API has revised its estimates of U.S. oil production higher for the last several months, with output now believed to be around 9.55 MMbpd, rather than 9.30 MMbpd. Nevertheless, growth of U.S. output continues to slow. Although global production was down about 500,000 bopd, OPEC’s output rose another 50,000 bopd, to nearly 38.0 MMbopd. With global production still running 1.5 MMbopd ahead of 2014’s average, and prices stagnant, the U.S. rotary rig count took another tumble, losing 28 units and averaging 54% lower than a year ago. Outside of Canada, international rigs were down about 3%.

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