NORWAY'S PRODUCTION UP TO 1.9 MBD
NPD - Preliminary production figures for October 2017 show an average daily production of 1 901 000 barrels of oil, NGL and condensate, which is an increase of 141 000 barrels per day compared to September.
Total gas sales were 10.9 billion Sm3 (GSm3), which is an increase of 1.5 GSM3 from the previous month.
Average daily liquids production in October was: 1 540 000 barrels of oil, 330 000 barrels of NGL and 31 000 barrels of condensate.
Oil production is approx. 4.5 percent lower than the NPD's forecast, and about 0.9 percent below the forecast so far this year.
The main reasons that production in October was below forecast is that Goliat was closed down most of the month and production from Gina Krog was less than expected, one of the reasons being loading problems due to bad weather.
The increase in oil production since September is a result of increased production on several fields, with Snorre and Ivar Aasen having the largest increases.
The total petroleum production for the first ten months in 2017 is about 197.9 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 77.6 MSm3 o.e. of oil, about 18.2 MSm3 o.e. of NGL and condensate and about 102.1 MSm3 o.e. of gas for sale. The total volume is 7.1 MSm3 o.e. higher than in 2016.
Final production figures from September 2017 show an average daily production of about 1.445 million barrels of oil, 0.316 million barrels of NGL and condensate and a total of 9.4 billion Sm3 saleable gas production.
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API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.
IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.
BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.
REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.