2015

Crude oil production in December from seven major US shale plays is expected to drop 118,000 b/d to 4.95 million b/d.

“Russia plays a central role in the question of how we Europeans can secure our energy supply,” Schroeder, whose friendship with Russian President Vladimir Putin has been controversial in Germany, said at the Nov. 9 event. “Norway and Russia are the most secure and reliable energy partners for Europe.”

OPEC’s share of the global oil market will expand from 2020 as prices recover to $80 and supply outside the group stagnates due to spending cuts, according to the International Energy Agency.

“Russia plays a central role in the question of how we Europeans can secure our energy supply. Norway and Russia are the most secure and reliable energy partners for Europe”, said the former German Chancellor.

Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, Saudi Arabia's vice oil minister said

The oil and gas industry has cut $200 billion from investments this year as low prices discourage new projects, leading to cuts in crude supplies equal to half the daily output of Saudi Arabia, according to the kingdom’s Prince Abdul Aziz bin Salman.

This decision will cost thousands of jobs and is an assault to American workers. It’s politics at its worst.

- Production averaged approximately 667,000 boe per day, an increase of 3% year over year, adjusted for asset sales - Adjusted net loss of $0.05 per fully diluted share and adjusted ebitda of $560 million - 2015 total production guidance increased to 670 – 680 mboe per day - 2015 production expense and general and administrative expense guidance lowered significantly - 2015 capital guidance reduced to $3.4 – $3.9 billion

U.S. Rig Count is down 4 rigs from last week to 771, with oil rigs down 6 to 572, and gas rigs up 2 to 199. U.S. Rig Count is down 1,154 rigs from last year at 1,925, with oil rigs down 996, gas rigs down 157, and miscellaneous rigs down 1 rig. The U.S. Offshore rig count is 32, down 1 rig from last week, and down 21 rigs year over year.

Oil today stands at around $50 a barrel, having more than halved since June 2014 after global supplies dramatically rose due in large part to the U.S. shale oil boom but also due to the unlocking of huge offshore reserves in Brazil, Africa and Asia.