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May 2017

May 2017
2017, May, 22, 16:40:00
SAUDIS FINANCIAL PRESSURE
Saudi Arabia will go into the meeting of OPEC and non-OPEC producers in Vienna on May 25 determined to maximize its oil revenue through high prices, even if it must make large production cuts in return.
May 2017
2017, May, 22, 16:35:00
OPEC: THE LOWEST REVENUES
Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 billion earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports.
May 2017
2017, May, 22, 16:30:00
U.S. RIGS UP 16
U.S. Rig Count is up 497 rigs from last year's count of 404, with oil rigs up 402, gas rigs up 95, and miscellaneous rigs unchanged. Canadian Rig Count is up 41 rigs from last year's count of 44, with oil rigs up 20, gas rigs up 22, and miscellaneous rigs down 1 to 0.
May 2017
2017, May, 19, 12:55:00
OIL PRICE: ABOVE $53
Brent crude LCOc1 was up 28 cents, or 0.5 percent, at $52.79 at 0630 GMT. The contract earlier rose to the highest since April 21 and is on track for a nearly 4 percent climb this week, its second week of gains. U.S. crude oil CLc1 was up 29 cents, or 0.6 percent, at $49.64 a barrel, highest since April 26. The contract is also heading for a weekly increase of almost 4 percent.
May 2017
2017, May, 19, 12:50:00
OIL PRODUCTION CONSENSUS
Algerian energy minister Noureddine Boutarfa said Thursday he believes there is a consensus among countries participating in the OPEC/non-OPEC oil production cut deal regarding the necessity to extend the agreement by nine months through March 2018.
May 2017
2017, May, 19, 12:45:00
U.S. DELIVERIES UP BY 1.7%
Total petroleum deliveries in April moved up by 1.7 percent from April 2016 to average 19.6 million barrels per day. These were the highest April deliveries in nine years, since 2008. Compared with March, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased 0.3 percent. For year to date, total domestic petroleum deliveries moved up slightly by 0.1 percent compared to the same period last year to average 19.4 million barrels per day.
May 2017
2017, May, 19, 12:40:00
IMF WANT SAUDIS
The recent steps to increase the transparency of fiscal policy through the publication of the Fiscal Balance Program and the First Quarter Budget Report are very welcome. This greater transparency will help private businesses and investors better plan their investment and employment decisions.
May 2017
2017, May, 19, 12:35:00
SOUTH CHINA SEA GAS
China's attempt to test marine natural gas hydrates, a future energy source, has turned out to be a success, making it the first country to secure continuous and stable gas supply in marine gas hydrate exploitation, according to the Ministry of Land and Resources.
May 2017
2017, May, 19, 12:30:00
NORWAY'S PRODUCTION DOWN 38 TBD
Preliminary production figures for April 2017 show an average daily production of 2 111 000 barrels of oil, NGL and condensate, which is an decrease of 38 000 barrels per day (approx. 2 percent) compared to March.
May 2017
2017, May, 18, 19:15:00
OIL PRICE: ANEW ABOVE $52
Brent crude was up 50 cents at $52.15 per barrel by 1330 GMT. U.S. light crude rose 39 cents to $49.05.