U.S. Rig Count is up 8 from last week to 392, Canada Rig Count is down 3 from last week to 171,

Brent climbed 28 cents, or 0.5%, to $59.12 a barrel. WTI were up 29 cents, or 0.5%, to $56.52 a barrel.

Petroleum remains the most-consumed fuel in the United States, as energy-related carbon dioxide emissions dip through 2035 before climbing in later years.

CNOOC targeted to produce 590 million-600 million boe of oil and gas in 2022 and 640 million-650 million boe in 2023, representing above 8% annual growth,

NOV Inc. (NYSE: NOV) today reported fourth quarter 2020 revenues of $1.33 billion, a decrease of four percent compared to the third quarter of 2020 and a decrease of 42 percent compared to the fourth quarter of 2019.

Brent gained 25 cents, or 0.43%, to $58.71 a barrel. WTI climbed 31 cents, or 0.56%, to $56 a barrel.

The global economy is forecast to grow by 4.4 per cent in 2021, a substantial shift from -4.1 per cent last year. “With the crude oil market currently switching into backwardation, we are hopeful that 2021 will be a good year for overall demand,” Barkindo said.

U.S. commercial crude oil inventories decreased by 9.9 million barrels to 476.7 million barrels.

Brent were up 48 cents, or 0.8%, to $57.94 a barrel. WTI were up 48 cents, or 0.8%, to $57.94 a barrel.

The main priority for the government is the construction of medium-sized and large hydropower plants because they will provide sustainable energy during the energy transition period, she noted.

Brent was up 48 cents, or 0.9%, at $56.83 a barrel. WTI gained 52 cents, or 1%, to $54.07.

Brent were up 53 cents, or 1%, at $55.57 a barrel. WTI gained 41 cents, or 0.8%, to $52.61.

The preliminary level for dry natural gas production in November 2020 was 2,757 billion cubic feet (Bcf), or 91.9 Bcf/d. This level was 4.8 Bcf/d (-5.0%) lower than the November 2019 level of 96.7 Bcf/d.

Following the recent issuance of a 60-day moratorium on new drilling permits and land leases on federal land, President Joe Biden Jan. 27 signed an executive order that would suspend all new federal oil and gas leases,

bp has agreed to sell a 20% participating interest in Oman’s Block 61 to PTT Exploration and ‎‎Production Public Company Limited (PTTEP) of Thailand for a total consideration of $2.6 billion.