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.

API President and CEO Jack Gerard called President Trump’s executive order to streamline energy infrastructure an important step in speeding up projects, creating jobs, and improving government efficiencies in delivering energy Americans demand.

Indonesia's state-owned Pertamina has produced 343,000 b/d of crude oil in the first-half of 2017, up 12% year on year, upstream director Syamsu Alam said late Wednesday. "I think the crude production this year can meet our 2017 target of 354,000 b/d. But gas production may be ... lower compared with the target of 2.08 Bcf/d, due to lower demand and some gas fields [not being able to] produce," he said.