March 2019

Oil hovered slightly below 2019 peaks on Friday, propped up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.

Full-scale development of Kharasaveyskoye field starts in Yamal Peninsula

Russian President Vladimir Putin met on Wednesday heads of the world’s top oil traders Glencore and Vitol, as well as BP’s chief executive, among others, promising favorable conditions for business.

Russian LNG is well positioned to compete with North American projects to reach new markets in Asia and the Atlantic Basin despite the challenges, a Shell executive said Wednesday at the LNG Congress in Moscow.

U.S set a new record for oil production at 12.1 million barrels a day (mb/d) in February, continuing America’s position as the world’s leading oil producer.

US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.

Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.

Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).

U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.

Electricity generation from U.S. nuclear power plants totaled 807.1 million megawatthours (MWh) in 2018, slightly more than the previous peak of 807.0 million MWh in 2010, based on preliminary annual data. Although several nuclear power plants have closed since 2010, a combination of added capacity through uprates and shorter refueling and maintenance cycles allowed the remaining nuclear power plants to produce more electricity. In the near future, however, EIA expects that U.S. nuclear power output will decline.