U.S. Rig Count is up 497 rigs from last year's count of 404, with oil rigs up 402, gas rigs up 95, and miscellaneous rigs unchanged. Canadian Rig Count is up 41 rigs from last year's count of 44, with oil rigs up 20, gas rigs up 22, and miscellaneous rigs down 1 to 0.

Algerian energy minister Noureddine Boutarfa said Thursday he believes there is a consensus among countries participating in the OPEC/non-OPEC oil production cut deal regarding the necessity to extend the agreement by nine months through March 2018.

Preliminary production figures for April 2017 show an average daily production of 2 111 000 barrels of oil, NGL and condensate, which is an decrease of 38 000 barrels per day (approx. 2 percent) compared to March.

Rosneft and Eni S.p.A. entered into a Cooperation extension agreement in the areas of upstream, refining, marketing and trading during the visit of an Italian delegation to Russia. The document was signed by Rosneft CEO Igor Sechin and Eni CEO Claudio Descalzi in the presence of Russian President Vladimir Putin and Italian Prime Minister Paolo Gentiloni.

Crude oil production from the seven major US onshore producing regions is forecast to rise 122,000 b/d month-over-month in June to average 5.401 million b/d. Gas production from the seven regions is forecast to gain 557 MMcfd month-over-month in June to 51.316 bcfd.

The resurgence of the US shale industry after the oil slump of 2014 was a key factor in how crude prices fell sharply last week, to back below $50 per barrel. The market is concerned about whether efforts by Opec, the producers’ cartel, to tackle a supply glut by curbing output will be undermined by reinvigorated US shale companies.

Nigeria’s oil production level has recovered to 2 million bopd, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said late on Tuesday.

Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for April 2017 was 956, up 13 from the 943 counted in March 2017, and up 10 from the 946 counted in April 2016. The international offshore rig count for April 2017 was 201, up 4 from the 197 counted in March 2017, and down 19 from the 220 counted in April 2016.

U.S. Rig Count is up 462 rigs from last year's count of 415, with oil rigs up 375, gas rigs up 87, and miscellaneous rigs unchanged. Canadian Rig Count is up 46 rigs from last year's count of 36, with oil rigs up 16, gas rigs up 31, and miscellaneous rigs down 1 to 0.

The US tally of active drilling rigs increased by 13 to 870 during the week ended Apr. 28, marking the 12th double-digit rise during 15 straight weeks of gains. The count is now up 466 units since the nadir of the drilling downturn on May 20-27, 2016, and at its highest point since Aug. 28, 2015. Since its last decline, the count is up 211 units.

Nabors Industries Ltd. reported first quarter 2017 operating revenue of $563 million, compared to operating revenue of $539 million in the prior quarter. Net income from continuing operations attributable to Nabors for the quarter was a loss of $149 million, or $0.52 per share, compared to a loss of $331 million, or $1.17 per share, in the fourth quarter of 2016. The first quarter results include $7.8 million in net after-tax charges, or $0.03 per share, representing premiums incurred in open market purchases of near-term debt.

The Petroleum Services Association of Canada (PSAC), in its second update to the 2017 Canadian Drilling Activity Forecast, announced its revision of the forecasted number of wells drilled (rig released) across Canada for 2017 to 6,680 wells. This represents an increase of 2,505 wells and a 60 per cent increase from PSAC’s original 2017 Drilling Activity Forecast released in early November 2016 of 4,175 wells rig released. PSAC based its updated 2017 forecast on average natural gas prices of $3.00 CDN/mcf (AECO), crude oil prices of US$52.50/barrel (WTI) and the Canada-US exchange rate averaging $0.74.

U.S. Rig Count is up 450 rigs from last year's count of 420, with oil rigs up 365, gas rigs up 84, and miscellaneous rigs up 1. Canadian Rig Count is up 48 rigs from last year's count of 37, with oil rigs up 14, gas rigs up 35, and miscellaneous rigs down 1.

Weatherford International plc (NYSE: WFT) reported a net loss of $448 million, or a loss of $0.45 per share, and non-GAAP net loss of $318 million before charges and credits ($0.32 non-GAAP loss per share) on revenues of $1.39 billion for the first quarter of 2017.

Preliminary production figures for March 2017 show an average daily production of 2 145 000 barrels of oil, NGL and condensate, which is an increase of 63 000 barrels per day (approx. 3 percent) compared to February.