Industry at a glance
World benchmark crude prices continued to drop from July through August, only to stage a sharp rally in the last week of the month. West Texas Intermediate hit a six-year low of $38/bbl on Aug. 26, then climbed over $10 over the next three trading days to nearly $50/bbl, driven by news that OPEC would consider production cuts. Non-OPEC oil output slowed modestly in July, as decreased drilling activity began to show some impact on production. OPEC crude output dropped only slightly off its recent three-year peak. U.S. rotary rig counts rose slightly in August to 894, though they remained more than 50% below year-ago averages. The worldwide rig count held fairly steady across the board.