Phillips 66, the former downstream arm of ConocoPhillips, announced on Wednesday via Twitter that it had restored power at its Bayway Refinery, which counts with daily production of 238, 000 barrels per day.

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In a global marketplace, what counts is total world production.

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In the near term, production figures will continue to rise, even as rig counts start to fall.

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For example, production of an iPhone is spread across several countries yet in U.S. trade statistics it counts as an import only from China.

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