U.S. OIL PRODUCTION DOWN 5.4%
US crude oil production in March averaged 9.127 million b/d, down from 9.133 million b/d in February and 9.648 million b/d in March 2015, according to the most recent data from the US Energy Information Administration.
The overall US crude output decline was led by a more than 10% drop year-over-year in Texas. Production in the state during March totaled 3.276 million b/d, decreasing from 3.316 million b/d in February and 3.644 million b/d in March 2015.
North Dakota output during the month was 1.109 million b/d, down from 1.116 million b/d in February and 1.189 in March 2015.
Onshore production declines were partially offset by a 16% year-over-year jump in production from federal waters of the Gulf of Mexico, where March output averaged 1.641 million b/d, rising from 1.577 million b/d in February and 1.414 million b/d in March 2015.
US natural gas production in March was 91.06 bcf, down from 92.011 bcf in February but still up from 90.768 bcf in March 2015. Texas's gas output was 22.605 bcf, falling from 22.931 bcf in February and 24.087 bcf in March 2015.
Pennsylvania's gas output totaled 14.67 bcf, down from 14.945 bcf in February but still up 11.2% year-over-year from 13.191 bcf. Gas production from the Gulf of Mexico totaled 3.562 bcf, up from 3.496 bcf in February and 3.203 bcf in March 2015.
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PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.
ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.