Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022.

Benchmark energy futures fell after jumping on Monday, with Dutch front-month gas losing as much as 13% and German year-ahead power falling 11%.

Brent advanced by $2.45, or 2.6%, to $95.47 a barrel, WTI was up $2.13, or 2.5%, at $89.

Gas prices surged more than 35% on Monday as traders reacted to Russia’s decision to keep its main gas pipeline shut indefinitely.

Europe and North America are sanctioning the Russian economy, including its energy exports, while Russia is retaliating by cutting key resources, in particular natural gas flows to Europe. This is massively disruptive

That should help to make future decision making easier. But it is not going to help keep us warm this winter or indeed even in winter 2024.

The growing emphasis on ESG is a key component in the upstream oil and gas industry.

The Worldwide Rig Count for August was 1,825, up 50 from the 1,775 counted in July 2022,and up 391 from the 1,434 counted in August 2021.

U.S. Rig Count is down 5 from last week to 760, Canada Rig Count is up 7 from last week to 208.

Brent settled down $3.28 at $92.36 a barrel, WTI fell $2.94, or 3.3%, to $86.61 per barrel.