CHINA will accelerate expanding oil and gas distribution in the next decade to ensure energy security and help boost industry, its top economic and energy planners said.
The U.S. shale boom—which reshaped world markets for crude oil and natural gas before Mr. Trump took office—has only limited impact on Russia’s standing as a major energy provider to Europe and Asia.
API announced that estimated total wells drilled and completed in the second quarter of 2017 increased 62 percent compared to the second quarter of 2016. This includes a 41 percent increase in estimated development gas well completions and a dramatic 81 percent increase in total estimated oil well completions from year-ago levels. Total estimated oil well completions also increased 19 percent from the first quarter of 2017. Growing well completion figures could lead to an increase in U.S. oil production, which rose 62 percent from 2010 to 2016, and U.S. natural gas production which, also increased 26 percent during the same time.
Directors underscored that accelerated structural reforms and broader trade relations can help promote a diversified export mix. They also urged the authorities to strengthen property rights, advance privatization, improve governance, and invest in innovation and infrastructure to build the foundations for higher potential growth.
The economy is weathering the post-2014 oil shock well. The key policy goal is to foster economic adjustment to the new oil market realities. To foster the adjustment, especially given downside risks, the momentum in fiscal reforms needs to be sustained and coordinated with structural reforms. To ensure credibility, fiscal adjustment should be accompanied by strengthening the medium-term policy framework and improving transparency. Ongoing initiatives to upgrade the supervisory and regulatory framework for the financial sector are welcome and need to continue. Focused, multi-pronged initiatives to raise productivity and diversify the economy would improve medium-term economic prospects. Amid ongoing economic adjustment, continued improvements in statistics are critical for enhancing policy analysis and decision-making.
U.S. Rig Count is up 505 rigs from last year's count of 447, with oil rigs up 408, gas rigs up 98, and miscellaneous rigs down 1 to 0. Canadian Rig Count is up 96 rigs from last year's count of 95, with oil rigs up 62, gas rigs up 35, and miscellaneous rigs down 1 to 0.
Brent crude futures LCOc1, the international benchmark for oil prices, were down 7 cents, or 0.1 percent, at $48.35 per barrel at 0443 GMT (12:43 a.m. ET), but up 3.5 percent for the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.97 per barrel, down 11 cents, or 0.2 percent, but up around 4 percent over the week.
«На наш взгляд, текущая ситуация, при которой все страны выполняют соглашение на уровне 100% и выше, способствует стабилизации нефтяных рынков. Мы видим положительный эффект от данной инициативы и считаем, что продление дает позитивный сигнал участникам рынка», - сказал Александр Новак.
EIA now forecasts Brent crude oil spot prices to average $51 per barrel (b) in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be $2/b lower than Brent prices in 2017 and 2018.
I think there are three areas where we should focus our efforts. The first is excellence in our operations, or as this session’s title puts it, leadership in responsible operations. The second, is sustainability in our products - fully realising the benefits of both natural gas and renewables as well as our Downstream product range. And the third is collaboration, or simply working together, in our partnerships - the kind of working together that makes new things happen and drives real change.