August 2017

Iran has exported an average of more than 2.6 million barrels of oil and gas condensate per day last month (July 23- Aug 22), Minister of Petroleum Bijan Zangeneeh said.

For the first six months of 2017, profit attributable to PJSC LUKOIL shareholders was 201.0 bln RUB, up 90.7% year-on-year. In the second quarter of 2017 profit increased by 122.5% quarter-on-quarter to 138.7 bln RUB.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 52 cents at $47.35 a barrel. Brent crude LCOc1 was down 12 cents at $52.29 per barrel.

The overall economy in the U.S. showed gains in July, adding 209,000 jobs, according to the Bureau of Labor Statistics (BLS). The U.S. unemployment rate and the number of unemployed persons remained essentially unchanged at 4.3 percent and 7.0 million, respectively.

Oman’s petroleum and other liquids production averaged more than 1 million barrels per day in 2016, its highest production level ever. Oman was on track to maintain this production level in 2017, but it reduced production to approximately 970,000 barrels per day in early 2017 to meet the production cut it agreed to, along with members of the Organization of the Petroleum Exporting Countries (OPEC).

Bahrain’s fiscal and external vulnerabilities have increased in the wake of the oil price decline. Overall GDP grew 3 percent in 2016, supported by strong growth of 3.7 percent in the non-oil sector aided by the implementation of GCC-funded projects. Average inflation remained moderate at 2.8 percent. Bank deposit and private sector credit growth slowed. The banking sector remains well capitalized and liquid. Despite the implementation of significant fiscal adjustment, lower oil prices meant that the overall fiscal deficit reached nearly 18 percent of GDP and government debt rose to 82 percent of GDP. The current account deficit widened to 4.7 percent. International reserves have declined.

“We have been producing oil and gas in Norway for nearly 50 years and we are still not halfway done. Vast volumes of oil and gas have been discovered on the Norwegian shelf that are still waiting to be produced. We want companies with the ability and willingness to utilise new knowledge and advanced technology. This will yield profitable production for many decades in the future,” says Ingrid Sølvberg, Director of development and operations in the Norwegian Petroleum Directorate.

U.S. - The Trump administration imposed new sanctions prohibiting trading new debt and equity issued by the Venezuelan government and state oil company PDVSA.

U.S. Rig Count is up 451 rigs from last year's count of 489, with oil rigs up 353, gas rigs up 99, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 71 rigs from last year's count of 146, with oil rigs up 31 and gas rigs up 40.

Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent.