Gerhard Schröder, the former German chancellor, looks set to deepen his already close ties with the Russian energy sector, after he was nominated as an independent director to the board of state-controlled oil company Rosneft.

Nabors Industries Ltd. ("Nabors") (NYSE: NBR) is pleased to announce that the company has signed an Arrangement Agreement ("Agreement") to acquire all of the issued and outstanding common shares of Tesco Corporation ("Tesco") (NASDAQ: TESO), with each outstanding share of common stock of Tesco being exchanged for 0.68 common shares of Nabors. This transaction will create a leading rig equipment and drilling automation provider by combining Canrig, Nabors rig equipment subsidiary, with Tesco's rig equipment manufacturing, rental and aftermarket service business. Additionally, Tesco operates a tubular services business in numerous key regions globally, which will immediately benefit Nabors Drilling Solutions' operation.

Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent.

North Sea Brent crude oil spot prices averaged $48 per barrel (b) in July, $2/b higher than the June average and almost $4/b higher than in July 2016. EIA forecasts Brent spot prices to average $51/b in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018.

Global oil stocks fell by 500,000 b/d and preliminary data for July, particularly in the US where stocks fell by 790,000 b/d, is supportive of rebalancing supplies with demand, according to the most recent Oil Market Report from the International Energy Agency.

Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 b/d month-over-month in July to average 32.87 million b/d.

Saudi Arabia's state budget deficit shrank by a fifth from a year earlier in the second quarter of this year as revenues rose moderately and spending fell marginally, finance ministry figures showed on Sunday.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.6 billion in June, down $2.7 billion from $46.4 billion in May, revised. June exports were $194.4 billion, $2.4 billion more than May exports. June imports were $238.0 billion, $0.4 billion less than May imports.

U.S. Rig Count is up 468 rigs from last year's count of 481, with oil rigs up 372, gas rigs up 98, and miscellaneous rigs down 2 to 0. Canadian Rig Count is up 94 rigs from last year's count of 126, with oil rigs up 62, gas rigs up 33, and miscellaneous rigs down 1 to 0.

The U.S. will export more natural gas than it imports in 2017. The United States has been a net exporter for three of the past four months and is expected to continue to export more natural gas than it imports for the rest of 2017 and throughout 2018. The United States’ status as a net exporter is expected to continue past 2018 because of growing U.S. natural gas exports to Mexico, declining pipeline imports from Canada, and increasing exports of liquefied natural gas (LNG).