Supply growth from nations outside the OPEC will be “just shy” of 500,000 barrels a day, an increase of 110,000 barrels a day from the agency’s forecast last month, it said Thursday. Russian production is likely to grow by 190,000 barrels a day, building on a 230,000-barrel increase in 2016.

Russian Energy Minister Alexander Novak said on Thursday global crude oil output could be frozen at November levels if the world's leading oil producers reach an agreement on Nov. 30.

Libya, a member of the Organization of Petroleum Exporting Countries, is struggling to boost crude production and exports since the NOC reached an agreement in September with Khalifa Haftar, the commander of forces controlling important oil ports. As a result of the deal, the country was able to ship 781,000 barrels from the port of Ras Lanuf on Sept. 21, the first international cargo from that terminal since force majeure was declared in December 2014.

The North Sea oil and gas industry currently faces fierce global competition to attract investment, with the combined challenges of a low oil price, a maturing industry and uncertainty for the sector. Oil & Gas UK’s recently published Economic Report 2016 found that investment in the UK continental shelf has fallen to around £9 billion this year, from a record £14.8 billion in 2014, illustrating the difficulty for investors in accessing finance for asset development.

Министр энергетики Российской Федерации Александр Новак и Министр экономики, торговли и промышленности Японии Хиросигэ Сэко провели первое заседание Российско-Японского Консультационного энергетического совета.

Iran wants $200bn of investment in its energy industry over the next five years in order to raise production. Until now the country has been struggling to persuade overseas energy companies to commit amid wrangling over the contract terms offered by Tehran.

OPEC raised its outlook for oil use in 2018, 2019 and 2020, when it sees demand reaching 98.3 million barrels a day, or 900,000 more than the group projected in its previous annual outlook.

OPEC, which pumps about 40 percent of the world’s oil, meets on Nov. 30 in Vienna to try to implement its first cuts in eight years after agreeing to trim output in Algiers at the end of September. Two years ago Saudi Arabia faced an impasse, Al-Naimi said, commenting on OPEC’s decision to pump without limits.

Sinopec Ltd. reported that Fuling shale gas field in southwestern China produced a cumulative 3.76 billion cu m of gas from January to September. The 107% increase in production was accompanied by additional processing capacity of 5.5-6.5 bcm, the company said. In 2014, Sinopec announced plans to bring production capacity to 10 bcm/year by 2017.

The worldwide rig count for October 2016 was 1,620, up 36 from the 1,584 counted in September 2016, and down 466 from the 2,086 counted in October 2015.

U.S. Rig Count is down 202 rigs from last year's count of 771, with oil rigs down 122, gas rigs down 82, and miscellaneous rigs up 2. Canadian Rig Count is down 31 rigs from last year's count of 185, with oil rigs down 3, gas rigs down 29, and miscellaneous rigs up 1.

Output in the U.S. will fall 800,000 barrels a day this year, Adam Sieminski, administrator for the EIA, said in an interview in Riyadh. That would be the first drop since 2008, data compiled by Bloomberg show. OPEC’s attempts to carry out an agreement on limiting production are still “very much up in the air,” he said.

Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017.

Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.

Негативное воздействие низких цен, проявившееся в серьезном сокращении инвестиций в нефтедобычу, будет продолжаться третий год подряд, что станет беспрецедентной ситуацией.