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Upstream

Upstream
2016, July, 21, 15:07:00
U.S. DRILLING UP
Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the last three weeks, a 40% increase over the average price in the first quarter.
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2016, July, 19, 12:26:00
U.S. OIL PRODUCTION DOWN
U.S. oil production down 99 tbd, gas production down 417 mcfd.
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2016, July, 14, 11:20:00
OPEC UP
Production from the Organization of Petroleum Exporting Countries climbed to an eight-year high last month, boosted by the re-admission of Gabon, which swelled the number of members to 14, the IEA said. The group’s crude output rose 400,000 barrels a day to 33.21 million a day as Saudi Arabia boosted production to meet peak domestic demand during the summer and as Iran continued its export recovery following the end of international sanctions in January.
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2016, July, 13, 13:43:00
2017: RISING OIL DEMAND
Oil prices have recovered more than 70 percent from the 12-year low reached earlier this year as OPEC’s strategy to pressure rivals with lower prices slowly succeeds in eliminating a surplus. Output in the U.S. has retreated to a two-year low as the boom in shale oil production faltered, while Saudi Arabia told OPEC it raised output last month close to a record.
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2016, July, 12, 12:44:00
IRAN HAS REGAINED 80%
Iran exports about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC’s director of international affairs. The country has regained about 80 percent of the market share it held before the U.S. and European Union tightened sanctions on its oil industry in 2012, he said. Sanctions were eased in January, and Iran plans to double crude exports.
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2016, July, 8, 18:05:00
WORLDWIDE RIG COUNT DOWN 729
The worldwide rig count for June 2016 was 1,407, up 2 from the 1,405 counted in May 2016, and down 729 from the 2,136 counted in June 2015.
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2016, July, 8, 18:00:00
U.S. OIL WELL COMPLETIONS DOWN 69%
Estimated U.S. oil well completions decreased by 69 percent in the second quarter of 2016 compared to year-ago levels, according to API's 2016 Quarterly Well Completion Report, Second Quarter.
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2016, July, 7, 18:20:00
RUSSIA'S ECONOMIC DECISION
The world’s top energy exporter is enduring the longest economic downturn of Putin’s 16-year rule. It relies on crude oil export duties and extraction taxes for about 23 percent of its budget. The government is running the widest deficit since 2010 after a slump in oil prices and is looking for options to cover the gap, including selling state assets, cutting spending and discussing a tax overhaul.
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2016, July, 7, 18:15:00
IRANIAN OIL TO JAPAN: UP 61.2%
Japan's crude imports from Iran recovered to pre-sanction levels in May, importing 307,691 b/d, up 61.2% year on year and up from 19,161 b/d in April, according to preliminary data released June 30 by the Ministry of Economy, Trade and Industry.
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2016, July, 7, 18:00:00
SAIPEM CONTRACT: $1.5 BLN
Eni engineering and construction subsidiary Saipem on Thursday announced the award of offshore engineering and construction contracts with a combined value of more than USD 1.5 billion, including work related to the Zohr gasfield development project in Egyptian waters.
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2016, July, 6, 18:10:00
CHEVRON'S PROJECT: $36.8 BLN
"The Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company," said Chevron Chairman and Chief Executive Officer John Watson. "The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."
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2016, July, 6, 18:00:00
ENI & CYPRUS COOPERATION
Eni is the operator of the giant Zohr field offshore Egypt, which is close to the boundary with Cyprus. It is due to start up in 2017, with domestic demand expected to account for some of the output.
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2016, July, 5, 18:10:00
U.S. NEED MONEY
The number of rigs running in the US to drill the horizontal wells used for shale oil production has been rising since May. At 272 last week it was at its highest level since early April, according to Baker Hughes, the oilfield services company.
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2016, July, 5, 18:05:00
THE BIGGEST U.S. OIL
The United States holds more recoverable oil reserves than Saudi Arabia and Russia thanks in large part to its shale oil, Norwegian consultancy Rystad Energy said in a report.
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2016, July, 4, 18:50:00
U.S. OIL PRODUCTION DOWN 8%
US crude oil production during April amounted to 8.933 million b/d, a decline of 2.5% from the March average and 7.9% from the April 2015 average.