EIA - North Sea Brent crude oil spot prices averaged $65 per barrel (b) in February, a decrease of $4/b from the January level and the first month-over-month average decrease since June 2017. EIA forecasts Brent spot prices will average about $62/b in both 2018 and 2019 compared with an average of $54/b in 2017.
REUTERS -“We all should look with responsibility to the market in order to keep the balance in the market as much as we can so as not to harm investors,” said Ali Nazar, Iraq’s national representative to OPEC.
REUTERS - Any deal between the Philippines and a Chinese firm to jointly explore for gas in the Reed Bank of the South China Sea will be illegal unless China recognizes the southeast Asian nation’s sovereign rights there, a Philippine judge said on Monday.
ROSNEFT - The decisions of ExxonMobil to abandon certain projects that fall under the legislative limitations once again imposed by the US government despite their successful development fully comply with the position of the American regulator that changed the way we collaborate on these projects.
NPD - The Norwegian Petroleum Directorate’s (NPD’s) estimate for total proven and unproven petroleum resources on the Norwegian continental shelf is about 15.6 billion standard cubic metres of oil equivalents.
PETRONAS - PETRONAS’ Profit After Tax (PAT) jumped by 91 per cent in 2017 at RM45.5 billion, compared to RM23.8 billion recorded in 2016. The increase was achieved on the back of higher revenue, lower net impairment on assets and well costs and continuous efforts to optimise costs in 2017.
BAKER HUGHES A GE - U.S. Rig Count is up 3 rigs from last week to 981, with oil rigs up 1 to 800, gas rigs up 2 to 181, and miscellaneous rigs unchanged. Canada Rig Count is down 4 rigs from last week to 302, with oil rigs up 2 to 211 and gas rigs down 6 to 91.
API - U.S. crude production rose to 10.2 million barrels per day (MBD) in January – the highest monthly output on record, according to API’s monthly statistical report. This was an increase of 1.1 percent versus December and 15.1 percent from January 2017.
PLATTS - The Trump administration will not certify the Iran nuclear deal, US Vice President Mike Pence said Thursday, increasing the likelihood of re-imposition of US sanctions on international sales of Iranian crude.
U.S. DT - The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced the largest North Korea-related sanctions tranche to date, aimed at disrupting North Korean shipping and trading companies and vessels to further isolate the regime and advance the U.S. maximum pressure campaign.