BLOOMBERG - Investment in oil and gas production collapsed by about $350 billion, or more than 40 percent, from 2014 to 2016 -- the sharpest contraction since the 1980s -- after crude fell from over $120 a barrel to less than $30, according to the International Energy Agency. The number of new projects approved in 2017 dwindled to the lowest in 70 years, the Paris-based agency said.

PLATTS - Libya's state National Oil Corp. is targeting a $60 billion overhaul of its oil and gas sector as it strives to reach a pre-civil war output level of around 1.6 million b/d by the end of this year.

REUTERS - U.S. crude oil futures were at $53.13 per barrel at 0543 GMT, down 56 cents, or 1 percent, from their last settlement. International Brent crude oil futures were at $61.03 a barrel, down 61 cents, or 1 percent.

REUTERS - “There is no doubt - and there is a consensus coming here in various meetings in Davos - that our industry is literally under siege and the future of oil is at stake,” said Mohammed Barkindo, secretary-general of oil producer group OPEC.

REUTERS - China has lent over $50 billion to Venezuela through oil-for-loan agreements over the past decade, securing energy supplies for its fast-growing economy.

API - U.S. production of crude oil (11.7 mb/d) and natural gas liquids (NGLs) (4.8 mb/d); Crude oil exports (2.4 mb/d, tie with Nov. 2018);

EIA - U.S. crude oil production continues to set annual records through the mid-2020s and remains greater than 14.0 million barrels per day (b/d) through 2040. The continued development of tight oil and shale gas resources, particularly those in the East and Southwest regions, supports growth in NGPL production—which reaches 6.0 million b/d by 2030—and dry natural gas production. Dry natural gas production reaches 43.4 trillion cubic feet by 2050.

REUTERS - Italy’s Eni and Austria’s OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company’s (ADNOC) refining business and establish a new trading operation owned by the three partners.

REUTERS - International Brent crude oil futures were at $61.89 a barrel at 0246 GMT, 80 cents, or 1.3 percent, above their last close. U.S. West Texas Intermediate (WTI) crude futures were at $53.90 per barrel, up 77 cents, or 1.5 percent.

REUTERS - Oil imports from Russia reached 7.04 million tons, or 1.658 million barrels per day, in December, up 40 percent from 5.03 million tons a year earlier, according to the data from the General Administration of Customs. For the full year, Russian oil imports rose to 71.49 million tons, or 1.43 million bpd, up 19.7 percent from 59.7 million tons in 2017.

PLATTS - Chevron, PBF Energy, Valero and Citgo, which is owned by PDVSA, are the largest US refiners of Venezuelan crude, according to the US Energy Information Administration. Spokesmen for those four companies did not respond to requests for comment Wednesday.

SANTOS - Record quarterly sales revenue of $1,043 million, up 7% and including record quarterly LNG sales revenue of $449 million, up 11%. Record annual sales revenue of $3,696 million, up 19%

REUTERS - International Brent crude oil futures were at $61.85 per barrel at 0624 GMT, up 35 cents, or 0.6 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $53.26 per barrel, up 25 cents, or 0.5 percent.

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 62,000 b/d month-over-month in February from 8,117 to 8,179 thousand barrels/day , gas production to increase 849 million cubic feet/day from 76,708 to 77,557 million cubic feet/day .

NPD - Preliminary production figures for December 2018 show an average daily production of 1 849 000 barrels of oil, NGL and condensate, which is a decrease of 26 000 barrels per day compared to November.