The worldwide rig count for July 2019 was 2,238, up 17 from the 2,221 counted in June 2019, and down 13 from the 2,251 counted in July 2018.

Brent crude oil spot prices averaged $64 per barrel (b) in July, almost unchanged from the average in June 2019 but $10/b lower than the price in July of last year. EIA forecasts Brent spot prices will average $64/b in the second half of 2019 and $65/b in 2020. The forecast of stable crude oil prices is the result of EIA’s expectations of a relatively balanced global oil market. EIA forecasts global oil inventories will increase by 0.1 million barrels per day (b/d) in 2019 and 0.3 million b/d in 2020.

OPEC saw output slide to 29.88 million b/d last month, a fall of 210,000 b/d from June, despite output gains by six of its members

Iraq's crude oil production in July rose to 4.62 million b/d, the country's State Oil Marketing Organization said late Sunday, its highest monthly output figure since January 2017, according to official data.

Indonesia's natural gas exports, including both pipeline and LNG, are expected to fall to a two-decade low in 2019, marking the furthest it has dropped since peaking in the late 1990s, on the back of depleting gas fields and the lack of new upstream projects.

"The best way to put downward pressure on gas prices remains more gas supply. Eastern Australian gas users have paid a high price for unnecessary, unscientific restrictions on gas development in Victoria, New South Wales and, until recently, the Northern Territory,"

China's CNOOC will get a 55.6% stake in the Sinapa and Esperanca licenses from Sweden’s Svenska Petroleum Exploration AB, whose interest will be reduced to 23.03%, FAR said in a statement on Tuesday. It did not disclose financial details.

U.S. Rig Count is down 4 rigs from last week to 942, with oil rigs down 6 to 770, gas rigs up 2 to 171, and miscellaneous rigs unchanged at 1. Canada Rig Count is up 10 rigs from last week to 137, with oil rigs up 6 to 91 and gas rigs up 4 to 46.

Indonesia will no longer need to import LNG by 2025 to meet the shortfall in domestic natural gas production as previously expected, as the country brings new projects on stream by 2024, the energy minister told reporters Wednesday.

Royal Dutch Shell plc (Shell), through its affiliate Shell Overseas Holdings Limited, has completed the sale of its shares in Shell Olie-og Gasudvinding Danmark B.V. (SOGU), holding a 36.8% non-operating interest in the Danish Underground Consortium (DUC), to Norwegian Energy Company ASA (Noreco) for a consideration amount of $1.9 billion.

Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, has completed the sale of 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Equinor Gulf of Mexico LLC (Equinor), a subsidiary of Equinor ASA, subject to approval of the lease assignments by the regulator. The total cash consideration was $965 million.

BAKER HUGHES, A GE COMPANY ANNOUNCES SECOND QUARTER 2019 RESULTS

Russian oil giant Lukoil plans to acquire a 5 percent stake in the Ghasha offshore gas project in the UAE, according to CEO Vagit Alekperov.

Mubadala Petroleum has signed an agreement with Premier Oil to farmout a 20% participating interest in each of the Andaman I and South Andaman Gross Split Production Sharing Contracts (PSCs), in which Mubadala Petroleum is the operator.

National Oilwell Varco, Inc. (NYSE: NOV) today reported second quarter 2019 revenues of $2.13 billion, an increase of 10 percent compared to the first quarter of 2019 and an increase of one percent from the second quarter of 2018.