BAKER HUGHES A GE - U.S. Rig Count is down 7 rigs from last week to 1,052, with oil rigs down 1 to 862, gas rigs down 6 to 188 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 21 rigs from last week to 160, with oil rigs up 16 to 103 and gas rigs up 5 to 57.

U.S. EIA - Collectively, these companies added a net 8.2 billion barrels of oil equivalent (BOE) to their proved reserves during 2017, which totaled 277 billion BOE at the end of the year. Exploration and development (E&D) spending in 2017 increased 11% from 2016 levels, but remained 47% lower than 2013 levels.

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

API - “Instead of utilizing a transparent decision-making process that provided room for input from key stakeholders, the administration continues to take serious missteps in the trade arena that could undermine American jobs and America’s role on the global energy stage. Trade wars with key trading partners will be detrimental to the U.S. economy and consumers.”

EIA - Crude oil production from the major US onshore regions is forecast to increase 141,000 b/d month-over-month in June from 7,198 to 7,339 thousand barrels/day , gas production to increase 1,135 million cubic feet/day from 68,624 to 69,759 million cubic feet/day .

NPD - Preliminary production figures for May 2018 show an average daily production of 1 629 000 barrels of oil, NGL and condensate, which is a decrease of 236 000 barrels per day compared to April.

BAKER HUGHES A GE - U.S. Rig Count is down 3 rigs from last week to 1,059, with oil rigs up 1 to 863, gas rigs down 4 to 194 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 27 rigs from last week to 139, with oil rigs up 18 to 87 and gas rigs up 9 to 52.

BP - In 2017 global energy demand grew by 2.2%, above its 10-year average of 1.7%. This above-trend growth was driven by stronger economic growth in the developed world and a slight slowing in the pace of improvement in energy intensity.

REUTERS - Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand.

BAKER HUGHES A GE - U.S. Rig Count is up 2 rigs from last week to 1,062, with oil rigs up 1 to 862, gas rigs up 1 to 198 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 13 rigs from last week to 112, with oil rigs up 13 to 69 and gas rigs unchanged at 43.

BAKER HUGHES A GE - The worldwide rig count for May 2018 was 2,096, up 9 from the 2,087 counted in April 2018, and up 161 from the 1,935 counted in May 2017.

FT - “In my opinion, the stability of Russian production was underestimated by the market,” said Igor Sechin, chief executive of Rosneft, the country’s top oil producer. “In general, the Russian oil sector investments in rouble equivalent under the crisis conditions were increasing, and so did the production.” 

REPSOL - Between 2018 and 2020, Repsol plans to invest 15 billion euros: 53% in its Upstream unit (Exploration and Production) and 45% in Downstream (Refining, Chemicals, Marketing, Lubricants, Trading, LPG, Gas & Power) and low-emissions assets.

BLOOMBERG - Abu Dhabi plans to spend $13.6 billion over three years and allow freezone-based companies to take part in government tenders as the oil-rich emirate seeks to stimulate the economy.

REUTERS - Eni has no material exposure to Iran and so will not be affected by sanctions announced by the U.S. administration, a spokesman for the Italian oil major said