Chevron Corporation (NYSE:CVX) today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures.

North Sea Brent crude was up 25 cents at $53.25 a barrel by 0940 GMT. U.S. light crude was up 20 cents at $49.97 a barrel.

North Sea Brent crude oil LCOc1 was up 10 cents a barrel at $54.03 by 0950 GMT. U.S. light crude CLc1 was up 15 cents at $51.08 a barrel.

EIA forecasts Brent crude oil prices to average $43 per barrel (b) in 2016 and $52/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The values of futures and options contracts indicate significant uncertainty in the price outlook.

International Brent crude oil futures LCOc1 were trading at $54.83 per barrel at 1127 GMT, down 11 cents from Monday's close. U.S. West Texas Intermediate crude was at $51.50 a barrel, down 29 cents.

Russia has also benefited this year from oil's price stabilization and a recent deal between major crude producers to curb output has raised expectations of higher prices next year. The central bank has a medium-term oil price forecast of $40 a barrel.

Gazprom has started to vary its marketing strategy by using a variety of methodologies, including selling gas via the traditional long term contracts, via auctions, via Gazprom Marketing & Trading and via Wingas (its 100% owned European utility). As a result it has gained flexibility (that was formerly in the hands of the European utilities) and can adapt much faster to market changes.

"Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for the foreseeable future," NOC Chairman Mustafa Sanalla told delegates at the Arab-Austrian Economic Forum in Vienna on Friday, according to an NOC statement.

Global oil demand won’t stop growing before 2040 despite pledges made at the Paris climate change summit last year to cap greenhouse-gas emissions.

Supply growth from nations outside the OPEC will be “just shy” of 500,000 barrels a day, an increase of 110,000 barrels a day from the agency’s forecast last month, it said Thursday. Russian production is likely to grow by 190,000 barrels a day, building on a 230,000-barrel increase in 2016.

EIA expects Brent crude oil prices will average close to $48/ barrel (b) in the fourth quarter of 2016 and in the first quarter of 2017. Forecast Brent prices average $43/b in 2016 and $51/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The values of futures and options contracts indicate significant uncertainty in the price outlook, with NYMEX contract values for February 2017 delivery traded during the five-day period ending November 3 suggesting that a range from $35/b to $66/b encompasses the market expectation of WTI prices in February 2017 at the 95% confidence level.

OPEC raised its outlook for oil use in 2018, 2019 and 2020, when it sees demand reaching 98.3 million barrels a day, or 900,000 more than the group projected in its previous annual outlook.

Oil producers would love to see higher prices, but OPEC so far has been unable to cut output. In September, OPEC agreed to have a committee look at potentially cutting production to 32.5 million to 33 million barrels a day, shaving off 700,000 barrels a day — some 2 percent of overall production.

Global offshore oil production (including lease condensate and hydrocarbon gas liquids) from deepwater projects reached 9.3 million barrels per day (b/d) in 2015. Deepwater production, or production in water of depths greater than 125 meters, has increased 25% from nearly 7 million b/d a decade ago.

The state-controlled Russian energy group will yield to EU demands on how it sells gas in Europe in order to escape a penalty for past anti-competitive behaviour. The bargain is likely to anger eastern and Baltic states that have campaigned for a tougher approach.