“Russia will not increase its output unless in coordination with the rest of OPEC and OPEC+ countries,” Mazroui said. “I believe in the wisdom of Russia, and I believe that Russia has benefited from this agreement... I don’t see any reason for Russia not to continue with us.”
Production by OPEC countries in March was 2.2 mb/d lower than in November and now there is uncertainty concerning Libya. Production by non-OPEC producers in 1Q19 was 0.7 mb/d lower than in 4Q18.
In the first quarter 2019, NOVATEK’s hydrocarbon production totaled 147.1 million barrels of oil equivalent (boe), including 18.66 billion cubic meters (bcm) of natural gas and 2,987 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 14.6 million boe, or by 11.0% as compared with the first quarter 2018.
Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, signed an agreement yesterday to sell its 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Delek CT Investment LLC, a subsidiary of Delek Group Ltd (Delek). The total consideration for this deal is $965 million in cash.
Brent crude oil spot prices averaged $66 per barrel (b) in March, up $2/b from February 2019. Brent prices for the first quarter of 2019 averaged $63/b, which is $4/b lower than the same period in 2018. Despite lower crude oil prices than last year, Brent prices in March were $9/b higher than in December 2018, marking the largest December-to-March price increase since December 2011 to March 2012.
The kingdom will pump about 9.8 million barrels a day in March and April and export less than 7 million barrels daily in both months, Al-Falih said in March. Saudi Arabia has a production target of 10.3 million barrels a day.
Annual U.S. crude oil production reached a record level of 10.96 million barrels per day (b/d) in 2018, 1.6 million b/d (17%) higher than 2017 levels. In December 2018, monthly U.S. crude oil production reached 11.96 million b/d, the highest monthly level of crude oil production in U.S. history.
PLATTS - Iranian oil exports, which have been laboring under US sanctions since late last year, have recovered close to prior levels, supported by unflinching demand from China and South Korea, data from shipping sources and provisional tanker tracking data showed Tuesday.
Having slashed spending plans and run out of willing buyers for assets, some U.S. shale producers are turning to workforce cuts as investors step up demands for returns.
No project better symbolizes Russia ambitions in the Arctic than Yamal LNG. The project cost $27 billion to construct, excluding the adjacent infrastructure paid for by the Russian Federation.
PLATTS - OPEC in March tightened the oil market considerably, slashing 570,000 b/d from its February output level, as Saudi Arabia continued to implement production cuts and Venezuela suffered from extensive power outages on top of US sanctions, an S&P Global Platts survey found.
BHGE - U.S. Rig Count is up 19 rigs from last week to 1,025, with oil rigs up 15 to 831, gas rigs up 4 to 194, and miscellaneous rigs unchanged at 0.
Mr. Abdul-Mahdi gave high appraisal of LUKOIL's operations in the country and expressed support for the intention to deliver first production at Eridu field ahead of time.
U.S. EIA - In January 2019, for the 21st consecutive month, dry natural gas production increased year to year for the month. The preliminary level for dry natural gas production in January 2019 was 2,746 billion cubic feet (Bcf), or 88.6 Bcf/d. This level was 10.7 Bcf/d (13.7%) higher than the January 2018 level of 77.9 Bcf/d.
BHGE - U.S. Rig Count is down 10 rigs from last week to 1,006, with oil rigs down 8 to 816, gas rigs down 2 to 190, and miscellaneous rigs unchanged at 0.Canada Rig Count is down 17 rigs from last week to 88, with oil rigs down 14 to 35 and gas rigs down 3 to 53.