PLATTS - As a result, demand for OPEC crude will average 32.86 million b/d in 2018, the organization calculated.

PLATTS - Saudi Arabia's commitment to the OPEC-led production output cut deal was confirmed with reduced exports to key Asian outlets in 2017, but Japanese imports of Saudi crude jumped to the highest level in 35 years as the kingdom also maintained its flexibility to meet demand whenever there is a need. Japan's crude oil imports from Saudi Arabia rose 9.5% year on year to 1.295 million b/d in 2017, or 40.1% of total imports in the year, and the country's imports of Saudi crude in 2017 were the highest since 1982, according to the Ministry of Economy, Trade and Industry data.

EIA - Crude oil production from the major US onshore regions is forecast to increase 110,000 b/d month-over-month in March to 6,756 million b/d, gas production to increase 832 million cubic feet/day to 64,941 million cubic feet/day .

REUTERS - Brent crude futures were at $63.42 per barrel at 0250 GMT, up 63 cents, or 1 percent, from the previous close. U.S. West Texas Intermediate (WTI) crude futures were at $59.83 a barrel. That was up 63 cents, or 1.1 percent, from their last settlement.

PLATTS - Congress early Friday approved a two-year budget agreement which mandates the sale of 100 million barrels of crude oil from the Strategic Petroleum Reserve within a decade and authorizes sales of another $350 million of government-owned crude this fiscal year.

BAKER HUGHES A GE - U.S. Rig Count is up 29 rigs from last week to 975, with oil rigs up 26 to 791, gas rigs up 3 to 184, and miscellaneous rigs unchanged. Canada Rig Count is down 17 rigs from last week to 325, with oil rigs down 13 to 221 and gas rigs down 4 to 104.

REUTERS - Brent futures were down 44 cents or 0.7 percent, at $64.37 a barrel by around 0700 GMT. On Thursday, Brent fell 1.1 percent to its lowest close since Dec. 20. U.S. West Texas Intermediate (WTI) crude was down 62 cents, or 1 percent, at $60.53 a barrel, having settled down 1 percent in the previous session at its lowest close since Jan. 2.

EIA forecasts Brent spot prices will average about $62/b in both 2018 and 2019 compared with an average of $54/b in 2017. EIA expects West Texas Intermediate (WTI) crude oil prices to average $4/b lower than Brent prices in both 2018 and 2019.

TWA - The Gorgon and Wheatstone LNG projects are now enjoying cash margins of more than $US30 a barrel at a $US50 price, Chevron says, and production from the $111 billion mega-projects is expected to increase this year.

REUTERS - India’s push to more than double the share natural gas has in its energy mix to 15 percent by 2022 will require a huge increase in imports and the construction of more LNG terminals, a government official said on Wednesday.

IMF - The Indonesian economy has continued to perform well. Real GDP growth accelerated slightly to 5.1 percent in Q3:2017 from 5 percent in 2016 and H1:2017, led by robust exports and fixed investment.

BAKER HUGHES A GE - The worldwide rig count for February 2018 was 2,271, up 96 from the 2,175 counted in January 2018, and up 244 from the 2,027 counted in February 2017.

EXXONMOBIL said it added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183 percent of production. ExxonMobil's proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57 percent of the reserves, up from 53 percent in 2016. ExxonMobil’s reserves life at current production rates is 14 years.

BLOOMBERG - West Texas Intermediate for March delivery rose as much as 79 cents to $64.18 a barrel and traded at $63.88 as of 11:39 a.m. in Singapore. The contract fell 76 cents to $63.39 on Tuesday. Total volume traded was about 16 percent above the 100-day average. Brent for April settlement rose 46 cents to $67.32 a barrel on the London-based ICE Futures Europe exchange, snapping a three-day decline. The global benchmark crude traded at a premium of $3.73 to April WTI.

EIA - China surpassed the United States in annual gross crude oil imports in 2017, importing 8.4 million barrels per day (b/d) compared with 7.9 million b/d for the United States. China had become the world’s largest net importer (imports minus exports) of total petroleum and other liquid fuels in 2013. New refinery capacity and strategic inventory stockpiling combined with declining domestic oil production were the major factors contributing to the recent increase in China’s crude oil imports.