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.

REUTERS - “We have to expect significant swings in coming years ... We have to expect value swings of more than 900 billion crowns ($114.93 billion),” Yngve Slyngstad told a news conference.

NPD - Preliminary production figures for January 2018 show an average daily production of 2 019 000 barrels of oil, NGL and condensate, which is an increase of 89 000 barrels per day compared to December.

BAKER HUGHES A GE - U.S. Rig Count is up 3 rigs from last week at 978, with oil rigs up 1 to 799, gas rigs up 2 at 179, and miscellaneous rigs unchanged. Canada Rig Count is down 12 rigs from last week to 306, with oil rigs down 9 to 209 and gas rigs down 3 to 97.

FT - Crude producers led by Saudi Arabia and Russia will aim to draft an agreement to formalise their partnership for oil market co-operation by the end of 2018, the UAE’s energy minister said.

AOG - Saudi Arabia's Energy Minister Khalid al-Falih has said that the recent talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output.

AOG - ADNOC announced that it has launched the implementation phase of its new in-country value (ICV) strategy, aimed at increasing the company’s ICV contribution and strengthening its relationship with the UAE’s private sector.

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

IEA - Our demand growth estimate for 2017 remains strong at 1.6 mb/d, reinforced by November data for the US. For 2018, the more positive global economic picture published by the International Monetary Fund is a key factor in raising our growth outlook to 1.4 mb/d. It was thought that the significant increase in the dollar price of crude oil since the middle of 2017 would dampen growth, and this might be the case to some extent, but the impact of higher prices has been partly offset in some countries by currency appreciations.

REUTERS - A consortium led by India’s Oil and Natural Gas Corp (ONGC) (ONGC.NS) has become the first group to win a stake in Abu Dhabi National Oil Co’s (ADNOC) 40-year offshore oil concession, a deal set to help the UAE expand its foothold in Asia.