The seven major onshore producing regions in the US are expected to collectively increase oil output by 124,000 b/d month-over-month in May to average 5.193 million b/d. Gas production from the seven regions is forecast to gain 501 MMcfd month-over-month in May to 50.089 bcfd. The Permian is expected to rise 159 MMcfd to 8.135 bcfd, while the Eagle Ford is projected to increase 84 MMcfd to 5.936 bcfd.

It can be argued confidently that the market is already very close to balance, and as more data becomes available this will become clearer.

U.S. Rig Count is up 407 rigs from last year's count of 440, with oil rigs up 332, gas rigs up 73, and miscellaneous rigs up 2. Canadian Rig Count is up 78 rigs from last year's count of 40, with oil rigs up 30 and gas rigs up 48.

U.S. Rig Count is up 396 rigs from last year's count of 443, with oil rigs up 318, gas rigs up 76, and miscellaneous rigs up 2. Canadian Rig Count is up 91 rigs from last year's count of 41, with oil rigs up 34 and gas rigs up 57.

"Iran needs billions of dollars of investment to boost crude oil production and natural gas capacity," said Mehdi Varzi, a former official at state-run National Iranian Oil Company and now an independent consultant.

U.S. Rig Count is up 374 rigs from last year's count of 450, with oil rigs up 300, gas rigs up 72, and miscellaneous rigs up 2. Canadian Rig Count is up 106 rigs from last year's count of 49, with oil rigs up 44, gas rigs up 62, and miscellaneous rigs unchanged.

A group of 44 U.S. onshore-focused oil producers issued a record amount of equity in 2016. In the fourth quarter of 2016, capital expenditure for these companies was $4.9 billion (72%) higher than in the fourth quarter of 2015.

“We estimate production costs for the Russian Arctic offshore in the range of $70 to $100 a barrel,” Energy Minister Alexander Novak said by email. These reserves “are our backup stock,” he said before the International Arctic Forum in Russia’s Arkhangelsk that began Wednesday.

Russian top gas producer Gazprom and National Iranian Oil Company (NIOC) signed a memorandum on cooperation in the gas sphere on Tuesday.

The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) convened in Kuwait City for its second meeting on 26 March 2017. It announced that, based on the Report of the Joint OPEC/Non-OPEC Technical Committee (JTC) for the month of February 2017, OPEC and participating non-OPEC countries have continued their progress towards full conformity with their voluntary adjustments in production.

U.S. Rig Count is up 345 rigs from last year's count of 464, with oil rigs up 280, gas rigs up 63, and miscellaneous rigs up 2. Canadian Rig Count is up 130 rigs from last year's count of 55, with oil rigs up 59 and gas rigs up 70, and miscellaneous rigs up 1.

Iran announced it has started gas recovery from phase 20 development of the supergiant South Pars gas field (SP20) on Sunday.

Production from the layer will reach 35,000 barrels per day once its wells are fully operational.

Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, according to the latest five-year oil market forecast.

TESCO reported a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, for the fourth quarter ended December 31, 2016. Adjusted net loss for the quarter was $13.3 million, or $(0.28) per share, excluding special items, consisting primarily of several charges related to receivables and restructuring costs. This compares to a U.S. GAAP net loss of $22.1 million, or $(0.48) per diluted share in the third quarter of 2016, and a U.S. GAAP net loss of $78.1 million, or $(2.00) per diluted share, for the fourth quarter of 2015. Adjusted net loss in the third quarter of 2016 was $17.3 million, or $(0.37) per diluted share, and in the fourth quarter of 2015 was $13.4 million, or $(0.33) per diluted share.