U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 49,000 b/d month-over-month in July from 8,497 to 8,546 thousand barrels/day, gas production to increase 745 million cubic feet/day from 81,213 to 81,958 million cubic feet/day .

the U.S. the number of yet-to-be-fracked wells hit 8,289 in May, up 22% in a year, according to the U.S. Energy Information Administration.

Preliminary production figures for June 2019 show an average daily production of 1 409 000 barrels of oil, NGL and condensate, which is a decrease of 184 000 barrels per day compared to May.

U.S. EIA - Argentina’s domestic natural gas production has been rising steadily in the past three years, largely because of increasing production from the Neuquén Basin’s Vaca Muerta shale and tight gas play. Production from Vaca Muerta surpassed 1.0 billion cubic feet per day (Bcf/d) in December 2018.

First half production of 37 mmboe was a record for Santos and 32% above the corresponding period.

U.S. Rig Count is down 4 rigs from last week to 954, with oil rigs down 5 to 779, gas rigs up 2 to 174, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 1 rig from last week to 118, with oil rigs down 2 to 83 and gas rigs up 3 to 35.

U.S. Rig Count is down 5 rigs from last week to 958, with oil rigs down 4 to 784, gas rigs down 2 to 172, and miscellaneous rigs up 1 to 2. U.S. Rig Count is down 5 rigs from last week to 958, with oil rigs down 4 to 784, gas rigs down 2 to 172, and miscellaneous rigs up 1 to 2.

In 2019, the global oil demand growth forecast remains at 1.14 mb/d, with expectations for global oil demand to reach 99.87 mb/d. In 2020, the initial forecast indicates growth of around 1.14 mb/d y-o-y, as global oil demand is anticipated to surpass the 100 mb/d threshold on an annual basis, to average 101.01 mb/d for the year.

McDermott has won two engineering, procurement, construction and installation (EPCI) contracts from Saudi Aramco worth more than $4.5bn for the Marjan Increment Programme.

As part of its larger increment programmes for Marjan and Berri, Saudi Aramco has awarded Saipem two EPCI contracts worth more than $3.5bn.

The Energy Information Administration (EIA) forecasts Brent spot prices will average $67/b in the second half of 2019 and remain at that level in 2020. EIA expects West Texas Intermediate (WTI) crude oil prices will average $62/b in the second half of 2019 and $63/b in 2020.

Industry sources said Russian oil output fell to 10.79 million barrels per day (bpd) in early July, lower than the level agreed under a deal on curbing supply reached with OPEC and other producers.

“Для нас, России и Саудовской Аравии, как для двух крупнейших производителей нефти, вполне логично обсуждать ситуацию на рынке для того, чтобы прийти к общему пониманию совместных действий. Наши лидеры пришли к выводу, что наиболее логичным решением было бы предложить продление на девять месяцев. Хотел бы подчеркнуть, что это дало очень сильный сигнал для рынка, показывающий что два наиболее крупных производителя имеют общие взгляды на будущее рынка”, - отметил Александр Новак.

Saudi Aramco has awarded 34 contracts with a total value of $18 billion for the engineering, procurement and construction of the Marjan and Berri increment programs. The company plans to boost the Marjan and Berri fields’ production capacity by 550,000 barrels per day of Arabian Crude Oil and 2.5 billion standard cubic feet a day (BSCFD) of gas.

The 14-member OPEC pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May’s revised figure and the lowest OPEC total since 2014.