NORWAY'S PRODUCTION DOWN 116 TBD
NPD - Preliminary production figures for June 2017 show an average daily production of 1 884 000 barrels of oil, NGL and condensate, which is a decrease of 116 000 barrels per day compared to May.
Total gas sales were 8.6 billion Sm3 (GSm3), which is a decrease of 0.5 GSM3 from the previous month.
Average daily liquids production in June was: 1 554 000 barrels of oil, 307 000 barrels of NGL and 24 000 barrels of condensate. The oil production is about 8.0 percent above the oil production in June last year and is about 3.3 percent below the NPD's prognosis for June 2017. The oil production is about 1.3 percent above the prognosis so far this year.
The total petroleum production for the first six months in 2017 is about 119.6 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 47.5 MSm3 o.e. of oil, about 11.2 MSm3 o.e. of NGL and condensate and about 60.9 MSm3 o.e. of gas for sale. The total volume is 1.1 MSm3 o.e. higher than in 2016.
Final production figures from May 2017 show an average daily production of about 1.635 million barrels of oil, 0.365 million barrels of NGL and condensate and a total of 9.1 billion Sm3 saleable gas production.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.