Industry at a glance ///

Crude oil prices held on to modest gains in March and April, although, at $57.86/bbl, Brent Blend was still trading 50% below its peak of June 2014. West Texas Intermediate in April was up slightly from the month before, averaging $52.90/bbl. World crude oil production continued its upward trajectory, led by OPEC, which posted its highest monthly increase in almost four years. Year-over-year, production rose by 3.5 MMbpd, worldwide. The U.S. rotary rig count slipped below the 1,000-rig threshold for the first time since October 2009, averaging just 976 units. Outside the U.S., the rig count lost more than 100 units, to average about 1,350. Following the relatively cold winter of 2015, natural gas prices sagged, to average $2.63/MMBtu.

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