May 2017

Nigeria’s oil production level has recovered to 2 million bopd, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said late on Tuesday.

Statoil reports adjusted earnings of USD 3.3 billion and an IFRS net operating income of USD 4.3 billion in the first quarter of 2017. The IFRS net income was USD 1.1 billion.

Compared with the first quarter 2016, CCS earnings attributable to shareholders excluding identified items increased by $2.2 billion, mainly driven by higher contributions from Upstream and Chemicals, partly offset by higher net interest expense.

ConocoPhillips (NYSE: COP) reported first-quarter 2017 earnings of $0.8 billion, or $0.62 per share, compared with a first-quarter 2016 loss of $1.5 billion, or ($1.18) per share. Excluding special items, first-quarter 2017 adjusted earnings were a loss of $19 million, or ($0.02) per share, compared with a first-quarter 2016 adjusted loss of $1.2 billion, or ($0.95) per share. Special items for the current quarter were primarily driven by a financial tax accounting benefit related to the previously announced Canadian disposition, partially offset by a non-cash impairment in Alaska.

Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for April 2017 was 956, up 13 from the 943 counted in March 2017, and up 10 from the 946 counted in April 2016. The international offshore rig count for April 2017 was 201, up 4 from the 197 counted in March 2017, and down 19 from the 220 counted in April 2016.

U.S. Rig Count is up 462 rigs from last year's count of 415, with oil rigs up 375, gas rigs up 87, and miscellaneous rigs unchanged. Canadian Rig Count is up 46 rigs from last year's count of 36, with oil rigs up 16, gas rigs up 31, and miscellaneous rigs down 1 to 0.

U.S. crude CLc1 fell $2.05 or 4.3 percent to $45.77, by 12:08 p.m. Brent was down $2.07, or 4.1 percent to $48.71.

Morgan Stanley analysts say that while Opec has hit its target by cutting as much as 1.4m barrels a day of output to try and support the market, shipping data suggests the group’s exports have declined by less than 1m b/d since the start of the year.

OPEC and non-OPEC oil producers look likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three OPEC delegates said on Thursday, downplaying the chance of additional steps such as a bigger cut.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.7 billion in March, down $0.1 billion from $43.8 billion in February, revised. March exports were $191.0 billion, $1.7 billion less than February exports. March imports were $234.7 billion, $1.7 billion less than February imports.