PLATTS - Venezuelan crude output plummeted in December to 1.70 million b/d, according to the latest S&P Global Platts OPEC survey released Monday.

BAKER HUGHES A GE - The worldwide rig count for December 2017 was 2,089, up 32 from the 2,057 counted in November 2017, and up 317 from the 1,772 counted in December 2016.

U.S.DT - “President Maduro and his inner circle continue to put their own interests above those of the Venezuelan people,” said Treasury Secretary Steven T. Mnuchin. “This action underscores the United States’ resolve to hold Maduro and others engaged in corruption in Venezuela accountable. We call on concerned parties and international partners around the world to join us as we stand with the Venezuelan people to further isolate this oppressive regime.”

FT - The growth of Royal Dutch Shell’s oil and gas operations in the next decade will depend on shale production, its chief executive has said, in the latest sign of western energy groups pinning their hopes for expansion on those “unconventional” resources.

U.S. Rig Count is down 5 rigs from last week to 924, with oil rigs down 5 to 742, gas rigs unchanged at 182, and miscellaneous rigs unchanged. Canada Rig Count is up 38 rigs from last week to 174, with oil rigs up 36 to 98 and gas rigs up 2 to 76.

IRNA - Iran exported some 777 million barrels of oil to Asian and European destinations in 2017, according to a report by the country's Ministry of Petroleum.

PETROBRAS - The agreement does not constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability. This reflects its status as a victim of the acts uncovered by Operation Car Wash, as recognized by Brazilian authorities including the Brazilian Supreme Court. As a victim of the scheme, Petrobras has already recovered R$1.475 billion in restitution in Brazil and will continue to pursue all available legal remedies from culpable companies and individuals.

BLOOMBERG - Norway’s oil production has been halved since a 2000 peak. While natural-gas output has surged, total production is forecast to fall again in the middle of the next decade. A flurry of investment decisions at the end of last year hides a painful truth: after Statoil’s $6 billion Johan Castberg oil field starts production in the Barents in 2022, the project pipeline is scant.

U.S. Rig Count is down 2 rigs from last week to 929, with oil rigs unchanged at 747, gas rigs down 2 to 182, and miscellaneous rigs unchanged. Canada Rig Count is down 74 rigs from last week to 136, with oil rigs down 58 to 62 and gas rigs down 16 to 74.

BLOOMBERG - Under a six-year fiscal program, officials predict rising oil prices and output will push income from oil sales to 801.4 billion riyals ($214 billion) from 440 billion riyals this year, the people said on condition of anonymity because they aren’t authorized to share the data publicly. It assumes the price of oil will reach $75 a barrel. Non-oil revenue, excluding income from the Public Investment Fund, would increase 32 percent to 337 billion riyals, they said.

IMF - Bolivia achieved impressive economic and social advances from 2006–2014. During that period, real GDP averaged about 5.1 percent annually and the share of population living in the extreme poverty fell by one half. These notable gains now face challenges related to the impact of lower commodity prices.

IMF - Overall growth is slowly picking up but recovery remains challenging. Economic activity expanded by 1.4 percent year-on-year in the third quarter of 2017—the second consecutive quarter of positive growth after five quarters of recession—driven by recovering oil production and agriculture.

PLATTS - Indonesia's state-owned Pertamina plans to spend $3.324 billion on its upstream business in 2018, a 21.16% jump year on year.

The price of oil in 2018 will be volatile with commodity market traders selling on signals of OPEC-Russia “cheating” or members producing more oil than the extended Algiers Agreement output quotas.

ROSNEFT - Rosneft and BP have agreed to develop subsoil resources within the Kharampurskoe and Festivalnoye licence areas of the Yamalo-Nenets Autonomous Okrug in northern Russia, with total geological reserves exceeding 880 bcm of gas.