April 2020

The worldwide rig count for March 2020 was 1,964, down 161 from the 2,125 counted in February 2020, and down 249 from the 2,213 counted in March 2019.

U.S. Rig Count is down 64 rigs from last week to 664, Canada Rig Count is down 13 rigs from last week to 41

Brent gained 3.64% to $31.03, WTI fell 0.83% to $25.11.

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day

"It's impossible to take measures to reduce OPEC+ production by 20 million b/d, this is probably half of all countries' total production," Novak said

Russian energy minister Alexander Novak said a coordinated OPEC+ production cut would not be enough to compensate for the fall in demand caused by the coronavirus pandemic, which he said could reach 20 million b/d.

Urals crude, Russia’s export blend, is now trading firmly below $20 a barrel, a level which could equate to a budget deficit of 2% of gross domestic product this year,

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $39.9 billion in February, down $5.5 billion from $45.5 billion in January, revised.

A consortium led by circular carbon energy company Liquid Wind will produce liquid, carbon neutral fuel from captured carbon dioxide and green hydrogen at a new facility in Sweden.

Brent was up 10.75%, or $2.66, to $27.40, WTI rose 10.09% or $2.05, to $22.36.