EIA - Iran holds the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves. Despite its abundant reserves, Iran’s crude oil production has undergone years of underinvestment and effects of international sanctions. Natural gas production has expanded, the growth has been lower than expected. Since the lifting of sanctions that targeted Iran’s oil sector, oil production has reached more than 3.8 million barrels per day in 2017.
PLATTS - Russia is willing to work with the OPEC coalition indefinitely to regulate global oil supplies and has advocated the creation of a new global body to monitor crude markets, the country's energy minister said.
PLATTS - OPEC oil output in March fell to 32.14 million b/d, its lowest level in 11 months, led by declines in seven out of the 14 member countries,
BAKER HUGHES A GE - U.S. Rig Count is up 10 rigs from last week to 1,003, with oil rigs up 11 to 808, gas rigs unchanged at 194, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 23 rigs from last week to 111, with oil rigs down 23 rigs to 48 and gas rigs unchanged at 63.
EIA - Annual average U.S. crude oil production reached 9.3 million barrels per day (b/d) in 2017, an increase of 464,000 b/d from 2016 levels after declining by 551,000 b/d in 2016. In November 2017, monthly U.S. crude oil production reached 10.07 million b/d, the highest monthly level of crude oil production in U.S. history.
BAKER HUGHES A GE - The worldwide rig count for March 2018 was 2,179, down 92 from the 2,271 counted in February 2018, and up 194 from the 1,985 counted in March 2017.
BLOOMBERG - The global deal to rein in oil output has removed “85 percent of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
PLATTS - Russia is planning to fully comply with its commitment to cut oil output under the OPEC/non-OPEC deal this month, Russian energy minister Alexander Novak said Tuesday, the Prime news agency reported.
BLOOMBERG - Vietnam’s state-owned oil company said South China Sea tensions will hurt oil and gas exploration and efforts to attract foreign investment to offshore fields.
PLATTS - Iraq has adjusted its crude oil production capacity target and is now aiming to achieve 6.5 million b/d by 2022, oil minister Jabbar al-Luaibi said Monday.