The historic record of 10 million barrels per day was reached during November, 1970, when US oil prices were still below 3 USD. The record was close to being surpassed in 2015 when US production peaked in April at 9.6 million barrels. Production then dropped 1 million barrels per day over 18 months as oil prices fell from above 100 to below 40 USD.

Indonesia, which produces around 730,000 b/d of crude, relies on imports to meet domestic demand of 1.4 million b/d, with Nigeria accounting for 18% of oil imports.

U.S. Rig Count is up 504 rigs from last year's count of 404, with oil rigs up 406, gas rigs up 98, and miscellaneous rigs unchanged. Canadian Rig Count is up 50 rigs from last year's count of 43, with oil rigs up 26, gas rigs up 25, and miscellaneous rigs down 1 to 0.

Ministers from the Organization of Petroleum Exporting Countries and its allies meet in Vienna to decide whether to prolong their agreement. Major producers including Saudi Arabia, Russia and Iraq favor an extension for nine months and, while other options will be discussed, consensus is building around an agreement that runs through next March.

Russia itself is now slightly overcomplying with its commitment to cut 300,000 b/d of oil production from October levels, having achieved a 310,000 b/d cut since the beginning of the month.

Saudi Aramco today signed agreements with major U.S. companies which will pave way for the company to enhance its business synergy with the U.S. as well as attracting investments from its U.S. counterparts to the Kingdom.

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.

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.

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.

Rosneft and Eni S.p.A. entered into a Cooperation extension agreement in the areas of upstream, refining, marketing and trading during the visit of an Italian delegation to Russia. The document was signed by Rosneft CEO Igor Sechin and Eni CEO Claudio Descalzi in the presence of Russian President Vladimir Putin and Italian Prime Minister Paolo Gentiloni.

Crude oil production from the seven major US onshore producing regions is forecast to rise 122,000 b/d month-over-month in June to average 5.401 million b/d. Gas production from the seven regions is forecast to gain 557 MMcfd month-over-month in June to 51.316 bcfd.

The resurgence of the US shale industry after the oil slump of 2014 was a key factor in how crude prices fell sharply last week, to back below $50 per barrel. The market is concerned about whether efforts by Opec, the producers’ cartel, to tackle a supply glut by curbing output will be undermined by reinvigorated US shale companies.

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.

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.