Oman’s petroleum and other liquids production averaged more than 1 million barrels per day in 2016, its highest production level ever. Oman was on track to maintain this production level in 2017, but it reduced production to approximately 970,000 barrels per day in early 2017 to meet the production cut it agreed to, along with members of the Organization of the Petroleum Exporting Countries (OPEC).

U.S. Rig Count is up 451 rigs from last year's count of 489, with oil rigs up 353, gas rigs up 99, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 71 rigs from last year's count of 146, with oil rigs up 31 and gas rigs up 40.

TESCO reported a U.S. GAAP net loss of $12.1 million, or $(0.26) per share, in the second quarter of 2017. Adjusted net loss for the quarter was $11.6 million, or $(0.25) per share, excluding special items, consisting primarily of charges related to restructuring costs. This compares to a U.S. GAAP net loss of $13.7 million, or $(0.29) per diluted share, in the first quarter of 2017, and a U.S. GAAP net loss of $18.9 million, or (0.47) per diluted share, in the second quarter of 2016. Adjusted net loss in the first quarter of 2017 was $13.4 million, or $(0.29) per diluted share, and in the second quarter of 2016 was $15.8 million, or $(0.39) per diluted share.

U.S. Rig Count is up 490 rigs from last year's count of 464, with oil rigs up 384, gas rigs up 108, and miscellaneous rigs down 2 to 0. Canadian Rig Count is up 95 rigs from last year's count of 122, with oil rigs up 64, gas rigs up 33, and miscellaneous rigs down 2 to 0.

The Petroleum Services Association of Canada (PSAC) has updated its 2017 Canadian Drilling Activity Forecast to reflect an increase in its projected total number of wells to be drilled during the year to 7,200 from 6,680.

U.S. Rig Count is up 495 rigs from last year's count of 463, with oil rigs up 392, gas rigs up 106, and miscellaneous rigs down 3 to 0. Canadian Rig Count is up 101 rigs from last year's count of 119, with oil rigs up 69, gas rigs up 33, and miscellaneous rigs down 1 to 0.

Libya's oil production is 1.069 million b/d, and the country hopes to grow its output to as much as 1.25 million b/d this year, a source close to production said Monday.

The U.S. shale boom—which reshaped world markets for crude oil and natural gas before Mr. Trump took office—has only limited impact on Russia’s standing as a major energy provider to Europe and Asia.

API announced that estimated total wells drilled and completed in the second quarter of 2017 increased 62 percent compared to the second quarter of 2016. This includes a 41 percent increase in estimated development gas well completions and a dramatic 81 percent increase in total estimated oil well completions from year-ago levels. Total estimated oil well completions also increased 19 percent from the first quarter of 2017. Growing well completion figures could lead to an increase in U.S. oil production, which rose 62 percent from 2010 to 2016, and U.S. natural gas production which, also increased 26 percent during the same time.

U.S. Rig Count is up 505 rigs from last year's count of 447, with oil rigs up 408, gas rigs up 98, and miscellaneous rigs down 1 to 0. Canadian Rig Count is up 96 rigs from last year's count of 95, with oil rigs up 62, gas rigs up 35, and miscellaneous rigs down 1 to 0.

From 2012 through the end of 2015, debt was a significant source of capital for the producers included in the analysis, with the addition of a cumulative $55.3 billion in net debt. Since the beginning of 2016, however, these producers have reduced debt by $1.4 billion. The combination of higher equity and lower debt has resulted in the long-term debt-to-equity ratio, a measure of financial leverage, declining from 88% to 80% for the group of companies as a whole between the first quarter of 2016 and the first quarter of 2017.

Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said.

One big reason is that natural gas prices have recovered from 20-year lows, nearly doubling since last year, according to S&P Global Market Intelligence.

U.S. Rig Count is up 509 rigs from last year's count of 431, with oil rigs up 415, gas rigs up 95, and miscellaneous rigs down 1 to 0. Canadian Rig Count is up 113 rigs from last year's count of 76, with oil rigs up 77, gas rigs up 37, and miscellaneous rigs down 1 to 0.

U.S. Rig Count is up 520 rigs from last year's count of 421, with oil rigs up 428, gas rigs up 93, and miscellaneous rigs down 1 to 0. Canadian Rig Count is up 94 rigs from last year's count of 76, with oil rigs up 62, gas rigs up 33, and miscellaneous rigs down 1 to 0.