Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 billion earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports.

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.

Total petroleum deliveries in April moved up by 1.7 percent from April 2016 to average 19.6 million barrels per day. These were the highest April deliveries in nine years, since 2008. Compared with March, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased 0.3 percent. For year to date, total domestic petroleum deliveries moved up slightly by 0.1 percent compared to the same period last year to average 19.4 million barrels per day.

The recent steps to increase the transparency of fiscal policy through the publication of the Fiscal Balance Program and the First Quarter Budget Report are very welcome. This greater transparency will help private businesses and investors better plan their investment and employment decisions.

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.

India is a major contributor to the growth in global liquid fuels consumption. Total liquid fuels consumption in India grew 8% in 2016, the largest increase since 2009, to an estimated 4.35 million barrels per day (b/d).

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 light, sweet contract for June crude oil delivery gained 50¢ to close at $47.83/bbl on the New York Mercantile Exchange May 11. The July contract also climbed 50¢ to settle at $48.20/bbl. The natural gas price for June was up 8¢ to a rounded $3.37/MMbtu. The Henry Hub cash gas price gained 9¢ to $3.20/MMbtu on May 11. The Brent crude contract for July on London’s ICE was up 55¢ to settle at $50.77/bbl. The August contract increased 51¢ to $51.05/bbl. The June gas oil contract was $449/tonne, up $5.

U.S. Rig Count is up 479 rigs from last year's count of 406, with oil rigs up 394, gas rigs up 85, and miscellaneous rigs unchanged. Canadian Rig Count is up 37 rigs from last year's count of 43, with oil rigs up 13, gas rigs up 25, and miscellaneous rigs down 1 to 0.

Private investment in U.S. natural gas and oil infrastructure could create over 1 million U.S. jobs.

Iran plans to strike $80 billion worth of oil contracts over coming two years as the country is set to implement newly-developed IPC contracts, a deputy head of National Iranian Oil Company (NIOC) said

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.

OPEC's largest producer Saudi Arabia averaged 9.97 million b/d in April, according to the survey, below its quota under the deal of 10.058 million b/d.

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.