WTI oil prices have fallen to five-month lows. The Bloomberg and Reuters OPEC production surveys were issued on Friday, and they both showed unrelenting production levels from the cartel. Saudi Arabia and Iraq output remains strong, with the Saudis continuing to produce in excess of 10 million bpd. It seems no producer is willing to blink or relent ion the face of falling prices. The US rig count actually rose again on Friday’s weekly report from Baker Hughes. The US industry has done an amazing job of driving costs down in order to remain afloat:
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