Saudi Arabia plans to develop almost 10 gigawatts of renewables by 2023, requiring investment of up to $50 billion

Nigeria, South Africa, and Angola, the continent’s largest economies, are seeing a rebound from the sharp slowdown in 2016, but the recovery has been slow due to insufficient adjustment to low commodity prices and policy uncertainty. Furthermore, several oil exporters in the Central African Economic and Monetary Community (CEMAC) are facing economic difficulties.

API announced today that estimated total wells drilled and completed in the first quarter of 2017 saw an increase of 35 percent compared to the first quarter of 2016. This is a drastic improvement from 2016 levels which saw a 59 percent decrease in total wells drilled and completed from the previous year.

China's apparent oil demand rose 5.3% year on year in the first two months of 2017 to 11.65 million b/d on the back of robust economic growth, holiday transportation demand and efforts to build stocks ahead of the refinery maintenance season that started in March.

The Secretary General reiterated the commendable key role of Iraq, in particular HE Jabbar Al-Luiebi, that was instrumental within OPEC to achieve market stability for both producers and consumers and said Iraq has resumed its leading role in the Organization.

Directors welcomed the creation of new anticorruption institutions, but strongly urged the authorities to strengthen these institutions further and to establish an independent anticorruption court to achieve concrete results, in order to support the reform program, attract investment, and achieve faster growth.

The Joint statement made by President Hassan Rouhan and Russian leader Vladimir Putin after their meeting in the Kremlin on Tuesday underscores the two countries' strategic partnership.

Первое, что я хочу сказать: у нас такая возможность предусмотрена самим соглашением. Есть отдельный пункт, в котором говорится, что оно может быть продлено на срок до 6 месяцев. Второе: сегодня ещё конец марта. Мы ещё не перешагнули экватор. Обмен мнениями, который состоялся среди министров, и предложение, которое прозвучало, — означают возможность всем странам изучить этот вопрос до следующей министерской встречи; дать поручения секретариату ОПЕК с тем, чтобы секретариат провёл дополнительный анализ ситуации на рынке, которая будет складываться с января по апрель; дать прогнозы исполнения в мае, в июне и на второе полугодие.

"This reaffirms the commitment of OPEC and participating non-OPEC countries to continue to cooperate," the statement said.

Total petroleum deliveries moved up by 1.2 percent from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008.

Total petroleum deliveries moved up by 1.2 percent from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008.

Saudi Arabia faces a difficult balancing act as it tries to work down excess global crude stocks while protecting relationships with important refining customers in the United States and Asia.

The scaled-up IDA financing will build on a portfolio of 448 ongoing projects in Africa totaling about $50 billion. Of this, a $1.6 billion financing package is being developed to tackle the impending threat of famine in parts of Sub-Saharan Africa and other regions.

U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate.

U.S. Rig Count is up 313 rigs from last year's count of 476, with oil rigs up 244, gas rigs up 68, and miscellaneous rigs up 1. Canadian Rig Count is up 207 rigs from last year's count of 69, with oil rigs up 137, gas rigs up 68, and miscellaneous rigs up 2.