Industry at a glance
Crude oil prices, which bottomed out in January, stabilized in February and March, with Brent Blend finding the most support, settling at around $56 to $58/bbl. West Texas Intermediate stayed in a range from $46 to $52/bbl. Falling rotary rig counts in the U.S. have yet to make a noticeable impact on world crude inventories, and, in fact, global supply rose, year-on-year, about 1.0 MMbpd to 92.22 MMbpd (excluding biofuels). Worldwide oil demand has continued to rise since mid-2014, and the International Energy Agency projects overall 2015 demand growth to average 93.5 MMbpd. U.S. rotary rigs continued to slip during March, hovering just above 1,100 units by the end of the month. The worldwide count, excluding Canada, held steady.