"When these factors are taken together I can only conclude that the supplies coming from marginal barrels including shale production will not be sufficient to meet the future need for incremental capacity the mid-term," Falih said. "The market balance is already pointing in that direction," he added.

Pumping crude from seabeds thousands of feet below water is turning cheaper as producers streamline operations and prioritize drilling in core wells, according to Wood Mackenzie Ltd. That means oil at $50 a barrel could sustain some of these projects by next year, down from an average break-even price of about $62 in the first quarter and $75 in 2014, the energy consultancy estimates.

The historic record of 10 million barrels per day was reached during November, 1970, when US oil prices were still below 3 USD. The record was close to being surpassed in 2015 when US production peaked in April at 9.6 million barrels. Production then dropped 1 million barrels per day over 18 months as oil prices fell from above 100 to below 40 USD.

Indonesia, which produces around 730,000 b/d of crude, relies on imports to meet domestic demand of 1.4 million b/d, with Nigeria accounting for 18% of oil imports.

Under the first agreement, Shell has completed the sale to a subsidiary of Canadian Natural Resources Limited (“Canadian Natural”) its entire 60% interest in AOSP, its 100% interest in the Peace River Complex in-situ assets, including Carmon Creek, and a number of undeveloped oil sands leases in Alberta, Canada. The consideration to Shell from Canadian Natural is approximately $8.2 billion (C$10.9 billion), comprised of $5.3 billion in cash plus around 98 million Canadian Natural shares currently valued at $2.9 billion. Shell’s share position in Canadian Natural will be managed for value realisation over time.

Benchmark Brent oil LCOc1 was down $1.45, or 2.8 percent, at $50.39 a barrel by 1157 GMT (7.57 a.m. ET), after earlier touching $50.13 a barrel, the weakest since May 10. U.S. light crude CLc1 traded at $48.43, down $1.23 cents, or 2.5 percent.

ОПЕК подтвердила свой статус авторитетной и ответственной отраслевой организации, влиятельной рыночной силы: «На протяжении текущего года мы с удовлетворением наблюдали за укреплением ОПЕК как организации, способной взять на себя ключевую роль в устранении необоснованных перекосов на рынке нефти, и стали свидетелями все возрастающей солидарности ее стран-членов, на которую смогли опереться ведущие независимые производители нефти в своем решении содействовать обеспечению рыночного баланса».

Iran has so far signed memoranda of understanding (MoUs) with four Russian companies for developing its oil and gas fields: Lukoil for Ab Teymour and Mansouri fields, Zarubezhneft for Aban and West Paydar fields, Tatneft for Dehloran and Shadegan fields and Gazprom for Cheshmeh Khosh and Changouleh fields.

West Texas Intermediate futures were down 0.8 percent from Friday’s closing price following the U.S. Memorial Day holiday on Monday. OPEC and Russia’s deal to extend output limits through March was initially met with a sell-off as deeper cuts or a plan for the rest of 2018 weren’t proposed. Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter.

Успех совместных действий по сокращению добычи нефти открыл новую страницу во взаимодействии стран ОПЕК и не входящих в ОПЕК государств: «Это касается не только стабилизации рынка нефти – открываются новые перспективы для двустороннего сотрудничества, реализации совместных проектов по добыче, транспортировке и переработке углеводородов на территории участвующих государств и третьих стран, технологического взаимодействия».

OPEC members and a Russia-led group of 11 non-OPEC countries on May 25th agreed to prolong production cuts for a further period of nine months, beginning from the 1st of July, in a bid to stabilise oil prices and reduce oil inventories. The recent deal was an extension of the previous agreement that was reached between the two sides last December, taking effect from 1st of January this year, to reduce production by 1.8mn barrels per day (bpd) – since when oil prices have remained relatively stable at around the $50/barrel mark.

Net foreign assets at the central bank shrank by $8.5 billion from the previous month to $492.9 billion in April, reaching their lowest level since 2011, central bank figures showed on Sunday. They fell 13.9 percent from a year earlier.

OPEC Member Countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan, taking into account the decision reached by OPEC at the 172nd Meeting of the Conference, recognized the need for continuing cooperation among oil exporting countries in order to achieve a lasting stability in the oil market.

No one envies the Saudi Arabians now. Yes, the Brent price has rebounded from its of 2015-16 lows to stabilise over $50. At the Opec meeting in Vienna this week the delegates agreed to extend production curbs for another nine months.

Ministers from the Organization of Petroleum Exporting Countries and its allies meet in Vienna to decide whether to prolong their agreement. Major producers including Saudi Arabia, Russia and Iraq favor an extension for nine months and, while other options will be discussed, consensus is building around an agreement that runs through next March.