Preliminary production figures for December 2016 show an average daily production of 2 094 000 barrels of oil, NGL and condensate, which is a decrease of 60 000 barrels per day (approx. 3 percent) compared to November.
U.S. Rig Count is up 9 rigs from last year's count of 650, with oil rigs up 7, gas rigs up 1, and miscellaneous rigs up 1. Canadian Rig Count is up 88 rigs from last year's count of 227, with oil rigs up 60, gas rigs up 27, and miscellaneous rigs up 1.
SHARES of China National Petroleum Corp and Sinopec rebounded during the week on reforms that are set to transform the two oil and gas giants into more competitive and market-focused entities.
The end of the global commodity super-cycle, particularly the sharp drop in oil prices - Russia’s main export -caused the Russian economy to slip into recession, ushering in a period of difficult economic adjustment. Limited economic diversification and heavy reliance on oil have made Russia vulnerable to terms-of-trade shocks.
Global capital spending by leading exploration and production companies will total $450bn in 2017, up 3 per cent compared to 2016 and ending two years of steep declines, according to Wood Mac forecasts published on Wednesday. Meanwhile, the number of final investment decisions by these 60 E&P companies — which range from large multinationals and independents to national oil groups — on new upstream projects will double to more than 20 in 2017, from nine last year.
Oil companies are starting to hire back workers as they add rigs to the shale patch in North America to take advantage of oil prices above $50 a barrel. After unprecedented spending cuts over the past two years, explorers are forecast to boost capital expenditures by 7 percent this year.
Russia and 10 other non-OPEC nations joined forces with the Organization of Petroleum Exporting Countries on Dec. 10 to end a global glut that’s crashed oil prices and shaken energy-rich economies. The pact — the first between the two sides in 15 years — involves a reduction of 558,000 barrels a day from non-OPEC countries starting in January.
Senior U.S. Republican and Democratic senators will introduce legislation on Tuesday seeking to impose a wide range of sanctions on Russia over its cyber activities and actions in Syria and Ukraine.
“Today’s report shows evidence that the consistent decline in oil and natural gas drilling could be coming to an end,” said Hazem Arafa, director of API’s statistics department.
Saudi officials are seeking to transform Saudi Aramco into the world’s most valuable publicly traded company, which they say is worth about $2tn.