U.S. RIGS DOWN 34
BHI Rig Count: U.S. -34 to 954 rigs
U.S. Rig Count is down 34 rigs from last week to 954, with oil rigs down 26 to 734, gas rigs down 8 to 217, and miscellaneous rigs unchanged at 3.
U.S. Rig Count is down 877 rigs from last year at 1831, with oil rigs down 776, gas rigs down 99, and miscellaneous rigs down 2.
The U.S. Offshore rig count is 33, unchanged from last week, and down 19 rigs year over year.
BHI Rig Count: Canada -19 to 80 rigs
Canadian Rig Count is down 19 rig from last week to 80, with oil rigs unchanged at 20, and gas rigs down 19 to 60.
Canadian Rig Count is down 119 rigs from last year at 199, with oil rigs down 65, and gas rigs down 54.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.