Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent.

As of July 2017, the OPEC and participating non-OPEC producing countries achieved an impressive conformity level of 94 per cent. This is a demonstration of the commitment of participating producing countries to continue their cooperation towards the rebalancing of the market. The JMMC expressed great satisfaction with the results and steady progress made towards full conformity of the production adjustments, and encouraged all participating countries to achieve full conformity, for the benefit of producers and consumers alike. The JMMC also welcomed the participation of the UAE at the recent JTC meeting, where the UAE reiterated its commitment to adhere to its production adjustments for the remaining period of the Declaration of Cooperation.

Rosneft Successfully Closes Strategic Deal for the Acquisition of 49% of Essar Oil Limited

US commercial crude oil inventories declined 3.3 million bbl during the week ended Aug. 18 compared with the previous week’s total, continuing a months-long downward trend.

The Shell Petroleum Development Company of Nigeria Ltd joint venture has started production at Gbaran-Ubie Phase 2, a key project in Nigeria’s Niger Delta region.

The Danish Straits and Turkish Straits, together transited by a combined volume of more than 5 million barrels per day (b/d) in 2016, are important chokepoints for Europe’s crude oil and petroleum liquids supply. Nearly 59 million b/d of global petroleum and other liquids production moved on maritime routes in 2015. Although most discussions of maritime chokepoints for oil trade focus on the Strait of Hormuz and the Strait of Malacca, which together were transited by a combined volume of more than 30 million b/d, other chokepoints are significant for specific regions.

Preliminary production figures for July 2017 show an average daily production of 2 000 000 barrels of oil, NGL and condensate, which is an increase of 93 000 barrels per day compared to June.

French oil company Total agreed Monday to buy Danish conglomerate AP Moller-Maersk's oil business for $7.45 billion, in a deal that will strengthen its position in the North Sea.

Brent crude LCOc1 was unchanged at $50.27 a barrel by 0845 GMT. U.S. light crude CLc1 was 5 cents lower at $46.73.

U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 8.9 million bbl for the week ended Aug. 11 compared with the previous week, the Energy Information Administration said in its weekly oil and products inventory report.