U.S. OIL PRODUCTION DOWN 8%
According to EIA, US crude oil production during April amounted to 8.933 million b/d, a decline of 2.5% from the March average and 7.9% from the April 2015 average.
Reflecting the drop, oil output in Texas during April was down 1.4% month-over-month and 10% year-over-year to 3.23 million b/d. North Dakota recorded production of 1.04 million b/d, down 6% month-over-month and 10.6% year-over-year.
Output from the federal US Gulf of Mexico fell 3% month-over-month in April to 1.589 million b/d, still 3.5% higher than its year-ago average.
US natural gas production during April was 89.54 bcfd, a loss of 1.7% compared with the March level and 1.8% compared with the April 2015 level.
Texas's gas production averaged 22.663 bcfd, a monthly increase of 0.2% but still down 6.4% year-over-year. Pennsylvania's output fell 1.9% month-over-month but was up 10.7% year-over-year, averaging 14.307 bcfd.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.