November 2016

The Organization of Petroleum Exporting Countries increased its crude oil output by 240,000 b/d during October to average 33.64 million b/d.

The downturn produced a leaner, more efficient U.S. shale industry that was forced to develop and quickly adapt new technology to compete with conventional oil supplies during a two-year period of depressed prices.

After more than a decade, China has decided to restore tax rebates on exports of gasoline, gasoil and jet fuel, a sign that Beijing is more than comfortable with the domestic supply situation for oil products.

ConocoPhillips plans conservative financial and operating programs in 2017, planning for a longer-than-expected $50/b oil world by reducing its capital budget 4%, growing production up to 2% and forging technologies to squeeze out the last smidgen of resource from existing assets.

U.S. Rig Count is down 199 rigs from last year's count of 767, with oil rigs down 122, gas rigs down 78, and miscellaneous rigs up 1. Canadian Rig Count is unchanged from last year's count of 176, with oil rigs up 21 and gas rigs down 21.

International Brent crude oil futures LCOc1 were trading at $45.77 per barrel at 0743 GMT (2:43 a.m. ET), down 7 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading down 10 cents at $44.56 per barrel, weighed down by weakening U.S. demand.

Supply growth from nations outside the OPEC will be “just shy” of 500,000 barrels a day, an increase of 110,000 barrels a day from the agency’s forecast last month, it said Thursday. Russian production is likely to grow by 190,000 barrels a day, building on a 230,000-barrel increase in 2016.

Russian Energy Minister Alexander Novak said on Thursday global crude oil output could be frozen at November levels if the world's leading oil producers reach an agreement on Nov. 30.

“Eighty percent of voters support increased development of U.S. oil and natural gas resources including 71 percent of Democrats, 94 percent of Republicans and 76 percent of Independents,”

In 3Q 2016, the Company net profit was at RUB 26 bln. The decline was primarily driven by lower operating profit.