In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014.

Brent were 68 cents higher at $58.97 a barrel, WTI were up by 70 cents to $52.84 a barrel

Saudi Arabia over-complied with its quota of 10.31 million b/d last year under the old agreement with the 23-member OPEC/non-OPEC coalition, collectively known as OPEC+, as the country made up for laggards Iraq and Nigeria, which flouted their quotas for most of last year.

Iraq's federal exports averaged 3.3 million b/d, compared with 3.43 million b/d in December, the oil ministry said in a statement on Saturday. The January figure is 420,000 b/d lower than the all-time high of 3.726 million b/d reached in December 2018.

"ADNOC will deploy capital, technology, and expertise to develop and produce shallow gas resources and conduct further exploration to assess further volumes and firm up development costs," it said Monday in a statement.

U.S. Rig Count is down 4 rigs from last week to 790, Canada Rig Count is up 3 rig from last week at 247

In the AEO2020 Reference case, U.S. crude oil production reaches 14.0 million barrels per day (b/d) by 2022 and remains near this level through 2045 as tight oil development moves into less productive areas and well productivity declines.

In December 2019, oil production was 3.106 million b/d, exceeding the record recorded in the previous month by 0.52% and that of Dec. 2018 production by 15.44%. Natural gas production also surpassed the previous month's record, registering an increase of 0.87% and reaching an average of 137.8 million cu m/day. The number was up 21.19% year-over-year.

The Mexican oil company Pemex plans to invest more than US$1bn to develop and operate the Xanab offshore oil field

U.S. oil production from tight formations increased in 2019, accounting for 64% of total U.S. crude oil production.

The organic reserve replacement rate, excluding the effect from acquisitions and disposals, which mainly related to the disposal of 40% participation interest in Arctic LNG 2 project, amounted to 252%, with the addition of 1,487 million boe, inclusive of 2019 production.

U.S. Rig Count is down 2 rigs from last week to 794, Canada Rig Count is unchanged from last week at 244

U.S. petroleum exports hit a new all-time high of 9.0 million barrels per day (mb/d) in the final month of 2019

U.S. crude oil production will average 13.3 million barrels per day (b/d) in 2020, a 9% increase from 2019 production levels, and 13.7 million b/d in 2021, a 3% increase from 2020.

Orders of $6.9 billion for the quarter, down 11% sequentially and up 1% year-over-year Revenue of $6.3 billion for the quarter, up 8% sequentially and up 1% year-over-year GAAP operating income of $331 million for the quarter, up 11% sequentially and down 13% year-over-year