U.S. Oil Rig Count Falls By 1 As Canada Adds 15 Rigs

The number of active oil rigs in the United States fell this week by 1 rig—it’s second loss in four weeks, and its third loss this year—in a sign that the gains we’ve seen week after week are starting to slow. Combined, the total oil and gas rig count in the US now stands at 950 rigs, with oil rigs falling by one and gas rigs falling by one. The market may want to rejoice in this week’s falling US rig count, but things don’t look so good everywhere when it comes to oil prices—Baker Hughes also reported…

API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a build of 1.628 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a draw of 3 million barrels for the week ending July 14. Gasoline inventories saw a significant drawdown, although unlikely to totally offset those who were expected a draw in crude oil inventories. Gasoline inventories fell by 5.448 million barrels for the week ending July 14, compared to analyst expectations that inventories for the fuel would fall by only 500,000…

OPEC Dragging Feet On Capping Libya, Nigeria Oil Production

Kuwati’s OPEC governor, Haitham Al-Ghais, said on Friday that it was not yet time to curb crude oil production in Libya and Nigeria—the two OPEC members with the largest production increases over the last two months. The reason for OPEC’s unwillingness to pull the trigger on a cap for its two African members, according to Al-Ghais, is that both countries need to stabilize further. Both countries have seen a significant increase in oil production in May and June. For the month of May, Libya accounted for OPEC’s sharpest increase…

Oil Prices Hold Steady As U.S. Oil Rig Count Rises

The number of active oil and gas rigs in the United States was flat this week overall, after gaining 505 rigs in the last 12 months. But on the oil side, the number of rigs still increased—this week by two—while gas rigs decreased by 2 for a net growth of zero. Combined, the total oil and gas rig count in the US now stands at 952 rigs. Prices rose by mid-day on Friday with Shell’s declaration of a force majeure on Nigeria’s Bonny Light grade, and on yesterday’s IEA report showing a forecast for increased global demand…

Rig Count Climbs Higher After Last Week’s Intermission

The number of active oil and gas rigs in the United States rose again this week, this time by 12, resuming what was the US shale patch’s impressive run of 23 weeks of steady gains, prior to last week’s decrease of a single rig. The number of oil rigs in operation increased by 7, while gas rigs increased by five—putting to rest any lingering optimism that last week’s decrease in rigs was a sign of an upcoming downward trend in the number of active rigs. Combined, the total oil and gas rig count in the US now stands at 952…

API Reports A Larger Than Expected Crude Draw

The American Petroleum Institute (API) handed oil markets a sliver of hope this afternoon by reporting a sizeable draw of 5.764 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a more modest 2.83-million-barrel draw for the week ending June 30. And the market is in desperate need of that optimism, after prices fell sharply earlier today on reports that Russia is taking a rather tough stance against deeper OPEC/NOPEC production cuts. At 4:06pm EST, WTI was trading down 4.42…

U.S. Rig Count Reverses After 23-Week Streak

The number of active oil and gas rigs in the United States fell by a single rig this week, and thus concludes the US shale patch’s impressive run of 23 weeks of steady gains. The decrease comes as oil prices are on track to record their worst first-half performance since H1 1998. The number of oil rigs in operation decreased by two, while gas rigs increased by one. Combined, the total oil and gas rig count in the US now stands at 940 rigs, which is 509 rigs over a year ago today. While the numbers were down for the first week in a long time…

Oil Prices Slide After API Reports Crude, Gasoline Build

The American Petroleum Institute (API) reported a build of 851,000 barrels in United States crude oil inventories, compared to analyst’s rather steady-as-she-go-yet-still-too-optimistic expectations that this week would see between a 2.3-million-barrel and 3.25-million-barrel draw for the week ending June 23. Today’s build is likely to take all the wind out of any remaining optimists’ sails, after prices recovered earlier Tuesday by about 2% as investors prematurely priced in what they thought would be a small crude oil inventory…

U.S. Oil Rig Count Rises For 23rd Week In A Row

The number of active oil and gas rigs in the United States rose again this week by 8—marking 23 weeks of gains and continuing to press upon battered markets who are growing increasingly dissatisfied with OPEC’s production cut efforts to rebalance the supply and demand equation. The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 941 rigs, which is 520 rigs over a year ago today, when oil prices were significantly higher than they were today.…

Oil Prices Get Tiny Reprieve As API Reports Modest Crude Draw

The American Petroleum Institute (API) reported a draw of 2.72 million barrels in United States crude oil inventories, compared to analyst expectations that the EIA would report a 2.0-million barrel draw for the week ending June 16. This week’s inventory draw almost completely offsets last week’s API-reported crude inventory build of 2.75 million barrels. Oil prices started off the week with a rather poor showing, only worsening on Tuesday. As so often is the case, prices rallied on Tuesday—if you are inclined to call it a rally—from…

No Respite For Oil Prices As U.S. Rig Count Gains, Canada Adds 27 Rigs

The number of active oil and gas rigs in the United States rose again this week by 6—making 22 weeks of gains, continuing the longest growth streak in oil and gas rig increases since at least 1987, which is the earliest date that Baker Hughes Excel data is available. Last week, both the US and Canada saw significant increases in the number of active oil and gas rigs—11 in the US and 33 in Canada. This week, Canada saw another large growth spurt, adding 27 rigs. The number of oil rigs in operation increased by 6, while gas rigs increased…

Oil Prices Plunge After API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a build of 2.75 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.7 million barrels for the week ending June 9—a 5.45-million-barrel discrepancy that is bound to unsettle already unsettled markets. It seems that oil inventories are particularly unpredictable as of late, with last week, the API and EIA reporting remarkably disparate figures in the amount of crude oil inventory movement—a 7.9-million-barrel discrepancy…

U.S. Rig Count Continues Its Ascent Unabated

The number of active oil and gas rigs in the United States rose again this week by 11—making it 21 weeks of consecutive gains—the longest growth streak since at least 1987, which is the earliest date that Baker Hughes Excel data is available. As if the 11 rigs added to the U.S. repertoire weren’t enough, Canada added 33 rigs this week as well. The number of oil rigs in operation increased by 8, while gas rigs increased by 3. Combined, the total oil and gas rig count in the U.S. now stands at 927 rigs, which is 513 rigs over a…

Oil Prices Rise Following Another Big Inventory Draw

The American Petroleum Institute (API) reported a draw of 4.62 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of only 3.5 million barrels for the week ending June 2. This week’s draw, according to the API, is the seventh week of draws in the last 10 weeks, with a total draw of almost 27 million over the last ten weeks. (Click to enlarge)Oil markets have been, for the last couple of weeks, cautious and slow to react to the positive news of crude oil inventory draws. This…

Oil Prices Fall As U.S. Rig Count Rises For 20th Straight Week

The number of active oil and gas rigs in the United States rose for the twentieth straight week, Baker Hughes reported on Friday—this time by 8, as drillers in the US make do with current barrel prices even below $50. The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 916 rigs—more than double the number of rigs in operation a year ago, when WTI barrel prices were about $49.05—higher than today’s price per barrel for WTI. Say…

Oil Prices Spike After API Reports Biggest Crude Draw This Year

The American Petroleum Institute (API) reported a draw of 8.67 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of only 2.8 million barrels for the week ending May 26. The news of a larger than expected draw will no doubt be welcomed by the industry, as oil prices in the last couple of weeks have seem particularly resistant to the efforts of OPEC to rebalance the oil market, and it appears equally as resistant to dwindling US oil inventories—the latter of which has been…

Unstoppable: U.S. Adds Oil, Gas Rigs As OPEC Extends Deal

The number of active oil and gas rigs in the United States rose for the nineteenth straight week, Baker Hughes reported on Friday by 7, signaling that the US Shale patch is, for OPEC, an unstoppable force. The number of oil rigs in operation increased by 2, and gas rigs increased by 5. Combined, the total oil and gas rig count in the US now stands at 908 rigs, or 504 above the count a year ago. This is on top of drilled but uncompleted wells in the US, which are also on the rise, swelling from 5,534 in March 2017 to 5,721 in April 2017, according…

Oil Prices Rise As API Reports Draws Across The Board

The American Petroleum Institute (API) reported a draw of 1.5 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.3 million barrels for the week ending May 19—the second such expectation in two weeks. While 1.5 million barrels is not a huge draw, this week’s crude oil inventory draw was accompanied by across the board draws for gasoline, distillates, and oil at the Cushing, Oklahoma facility as well. (Click to enlarge)Gasoline inventories fell by a sizable 3.15…

Rise In Rig Count Threatens To Undermine Recent Oil Price Spike

The number of active oil and gas rigs in the United States rose for the eighteenth straight week, Baker Hughes reported on Friday—this time by 16. The number of oil rigs in operation increased by 8, and gas rigs increased by the same number. Combined, the total oil and gas rig count in the US now stands at 901 rigs, or 497 above the count a year ago. The last time oil and gas rigs in the US exceed 900 was May 1, 2015. At 12:27pm EST, WTI was trading up 2.21% for the day at $50.44—having crossed the ever-important $50-per-barrel mark.…

Oil Prices Slip After U.S. API Reports Build In Crude Stocks

The American Petroleum Institute (API) reported a build of 882,000 barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.3 million barrels for the week ending May 12. This week’s build ends a run of five draws over the last six weeks, using API data. Gasoline inventories fell by 1.88 million barrels, according to the API. Gasoline inventories continue to worry markets, as refiners continue to turn crude oil into gasoline above demand for the fuel. While there was tough talk from…

Oil Rebounds After API Reports Biggest Crude Draw This Year

The American Petroleum Institute (API) reported a hefty draw of 5.789 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a crude oil draw of 1.8 million barrels for the week ending May 5. Gasoline inventories rose by 3.169 million barrels, according to the API, against an expected draw of 700,000 barrels. Gasoline inventories continue to worry markets, as refiners continue to turn crude oil into gasoline above demand for the fuel. So while crude oil has experienced an overall drawdown…

16th Straight Build In Oil Rig Count Increases Pressure On Oil Prices

The number of active oil and gas rigs in the United States rose by 7 on Friday, according to oilfield services provider Baker Hughes, delivering a severe blow to oil prices, which were already down to new lows for 2017. The total oil and gas rig count in the US now stands at 877 rigs, or 462 above the count a year ago. Oil rigs increased by 6, while gas rigs bumped up 2; a single miscellaneous rig was taken out of production. At 12:39pm EST, WTI was trading up 1.25 percent for the day at $46.09, while Brent Crude traded up 1.07 percent at $48.90—about…

U.S. Oil Rig Count Increases For 15th Straight Week

The number of active oil and gas rigs in the United States rose by 13 on Friday, according to oilfield services provider Baker Hughes. The total oil and gas rig count in the US now stands at 870 rigs, or 450 above the count a year ago. Oil rigs increased by 9, while gas rigs bumped up 4. This week marks the fifteenth straight build for oil rigs (+175 or +33.5% since January 13). While gas rigs haven’t enjoyed the same persistently ascending trajectory week to week, they have climbed 10 of the last fifteen weeks, for a total gain of 35 (+25.7%).…

Oil Markets Whipsawed As API Reports Unexpected Crude Build

The American Petroleum Institute (API) reported a build of 897,000 barrels in United States crude oil inventories, compared to analyst expectations that markets would see a bit of relief with a crude oil draw of 1.6 million barrels. The API’s report on gasoline inventories—a 4.4-million-barrel build, hit markets even harder, which follows a blow last week when the markets were shocked when gasoline inventories saw a build of 1.374 million barrels, while analysts were expecting a 2.2-million-barrel draw for the fuel instead. Last week,…

Surprise Build In Gasoline Inventories Shocks Oil Markets

The American Petroleum Institute (API) reported a draw of 840,000 barrels in United States crude oil inventories, compared to analyst expectations for a healthier crude oil draw of 1.5 million barrels. While that news is particularly shocking, gasoline inventories saw a rather unexpected build of 1.374 million barrels—analysts were expecting a 2.2-million-barrel draw for the fuel instead. Last week, the API reported a 1.3-million-barrel draw for crude oil inventories for week ending April 7, while the EIA reported a 2.2-million-barrel draw.…

Oil Prices Pull Higher After API Reports Draws Across The Board

The American Petroleum Institute (API) reported a draw of 1.3 million barrels in United States crude oil inventories, compared to analyst expectations for a crude oil build of 125,000 barrels. API also reported a significant gasoline inventory draw of 3.7 million barrels, compared to predictions of a 1.8-million-barrel draw. Distillates saw a 1.6-million-barrel draw compared to an expected 1.3-million-barrel draw for the fuel. Inventories at the Cushing, Oklahoma, site fell by 358,000 barrels, following last week’s 1.34-million-barrel build.…

OPEC Can’t Stop The Beat: U.S. Adds 10 Oil Rigs

The United States oil and gas rig count jumped by 15 this week, to its highest level since September 18, 2015, according to Baker Hughes’ latest report on domestic drilling activity. The number of oil and gas rigs currently active in the United States now sits at 839, which is an increase of 396 year over year. Prices seemed undeterred by the ambitions of US shale count this week, likely in part due to Canada, which lost a total of 23 rigs this week, more than offsetting the additional rigs in play in the United States. Prior to the Baker…

Oil Prices Rise After API Reports Crude, Gasoline Draw

The American Petroleum Institute (API) reported a draw of 1.83 million barrels in United States crude oil inventories, compared to analyst expectations that domestic supplies would see a smaller draw of .3 million barrels as refiners attempt to meet an increased appetite for gasoline. Oil prices rose earlier on Tuesday on this expectation despite reports that Libya has returned between 200,000 bpd and 250,000 bpd of crude oil into production after last week it declared a force majeure of its Sharara crude from Libya’s Zawiya terminal and…

Head Of Venezuela’s PDVSA To Be Replaced As Oil Production Declines

Petroleos de Venezuela SA (PDVSA) is bracing for more management changes, as its current president Eulogio Del Pino is preparing to exit the role as head of what Forbes once called “The World’s Worst Oil Company”, according to sources familiar with the matter and reported by Bloomberg. Del Pino’s replacement is expected to be Venezuela’s current oil minister, Nelson Martinez, who would ultimately wear two hats: head of the state-run oil giant and Venezuela’s oil minister. This most recent management change—the…

OPEC Compliance Nears 100% On Libyan, Nigerian Outages

OPEC’s compliance to the crude oil production cuts is expected to increase in March, from an already impressive 94 percent compliance rate reached in February. As UAE ratchets up its efforts to curb production and get behind the production cut agreement, compliance is expected to reach 95 percent in March—what Reuters is calling a record high. According to a Reuters survey, despite Saudi Arabia’s slight increase to its March output, the heavyweight producer will still have cut well beyond its fair share since the cuts were implemented…

Oil Prices Inch Higher After API Reports Moderate Crude Build, Gasoline Draw

The American Petroleum Institute (API) reported a build of 1.91 million barrels in United States crude oil inventories, compared to fairly accurate expert predictions that domestic supplies would see a 2-million-barrel build. Oil prices had risen earlier on Tuesday on news of a force majeure of Sharara crude from Libya’s Zawiya terminal and of Wafa condensate loadings from Mellitah terminal, taking 252,000 barrels per day off the top of Libya’s production figures. It has been an industry fear that Libya’s production, exempt from…

Oil Markets Recoil As Inventory Builds More Than Feared

The American Petroleum Institute (API) reported a build of 4.529 million barrels in United States crude oil inventories against expert predictions that domestic supplies would see only a 2-million-barrel build. Oil prices had already fallen earlier on Tuesday in anticipation of a build. At 2:43pm EST, WTI was trading down 1.27% at $48.29 per barrel, with Brent down 1.14% at $51.03 per barrel. For WTI, this is about $.10 lower than Tuesday last week, with Brent prices $.54 down from last week. Both figures With potentially high inventories looming…

U.S. Rig Count Soars, Putting Yet More Pressure On OPEC

This week’s Baker Hughes report shows the U.S. domestic oil and gas rig count up 21 rigs this week, bringing the total to 789 active oil and gas rigs—a fantastic 313-rig increase over last year. The bulk of this week’s gains were oil rigs, which saw a 14-rig gain, while gas saw a build of 6, with one miscellaneous rig added last week. The number of active oil rigs in the United States now sits at 631—244 rigs over the number of rigs this time last year. In sharp contrast, Canada saw a 31-rig decrease to its oil rigs, while…

Oil Bounces Back As API Reports A Surprise Crude Draw

The American Petroleum Institute (API) reported a surprise draw of 531,000 barrels in United States crude oil inventories against expert predictions that domestic supplies would see a small 3-million-barrel build, instilling hopes in the minds of weary oil traders that OPEC’s production cuts are not being entirely undone by U.S. shale drillers. The chart below shows that the API is still showing an overall build over the previous 11 weeks of 34.6 million barrels. (Click to enlarge)Hours before the API data release, WTI and Brent benchmarks…

U.S. Shale Set For 109,000 BPD Increase Next Month

OPEC just can’t seem to catch a break; shale drillers in the U.S. are now expected to increase April oil output by 109,000 barrels per day, according to new information published Monday by the Energy Information Administration. The EIA’s Drilling Productivity Report is now forecasting a 109,000-barrel-per-day increase in oil production from the seven most prolific oil-producing basins in the United States, to reach an average of 4.962 million barrels per day in April 2017, up from 4.853 million barrels per day last month. The April…

Oil Prices Slide After API Reports Large Crude Build

The American Petroleum Institute (API) reported a build of 11.6 million barrels in United States crude inventories against expert predictions that domestic supplies would see a much kinder 1.4-million-to 1.66-million-barrel build. The build in crude oil inventories was almost 10 times what analysts had predicted and marks yet another new high in U.S. inventories. The chart below displays a 10-week cumulative build of 35 million barrels, per API data, since the beginning of the year Cumulative changes in crude oil stocks since Jan 4, 2017 (Click…

Oil Rig Count Hits A 17-Month High

The number of active oil and gas rigs in the United States increased on Friday by 2. Both benchmarks were trading up earlier on Friday on reports of an evacuation of Libya’s oil port earlier in the day, assuaging, albeit temporary, market fears that OPEC’s surprising compliance of 90 percent may offset by nonparticipants’ production increases—including Libya. Further pushing up oil prices earlier in the day was the falling dollar. The total number of active oil and gas rigs in the United States is now 756, according to oilfield…

U.S. Oil Rig Count Rises – Up 125 Since OPEC Deal

The number of active oil and gas rigs in the United States increased again, although modestly, on Friday by 3. Both benchmarks were trading down earlier on Friday despite reports of OPEC/non-OPEC compliance of 86 percent, along with Thursday’s EIA inventory data that showed another week of record-high crude oil inventories of 518.7 million barrels. The total number of active oil and gas rigs in the United States is now 754, according to oilfield services provider Baker Hughes, which is 252 rigs above the rig count a year ago. The number of…

Oil Slips After API Reports Strong Build To Crude Inventories

U.S. crude oil inventories increased yet again by 9.94 million barrels, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, reminding OPEC that its cuts are but a gaping window of opportunity for U.S. shale producers. Oil prices were on the rise prior to this week’s API inventory data release, with the market sentiment largely one of positivity as all indications are that OPEC is indeed trimming the fat when it comes to oil supply. But as has been the case over recent weeks, the…

Oil Prices Tank After API Reports 2nd Biggest Crude Build In U.S. History

U.S. crude oil inventories increased by a whopping 14.227 million barrels, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, pressing down further on already falling prices. The build is the second largest build in U.S. history, according to Zerohedge. Analysts were anticipating a much more conservative crude oil inventory build of 2.38 million barrels, according to Market Realist. While reduced OPEC production for January has seemed to support higher oil prices, reports of OPEC’s…

Rig Count Sees Largest 4 Week Gain Since April 2014

The number of active oil and gas rigs in the United States increased on Friday by 17, nearly erasing earlier gains to both WTI and Brent crude oil benchmarks. Both benchmarks were trading up early on Friday on the back of geopolitical tensions between Iran and the United States over the threat of fresh sanctions. The total number of active oil and gas rigs in the United States is now 729, according to oilfield services provider Baker Hughes, which is 158 rigs above the rig count a year ago. This week marks the largest four-week gain to the number…

Large Rig Count Gains Rock Oil Markets

The number of active oil and gas rigs in the United States increased on Friday by 18 for a total of 712 active rigs, according to oilfield services provider Baker Hughes, which is 93 rigs above the rig count a year ago. Las week, the oil and gas rig count was up by 35. As was the case last week, most of this week’s gains were oil rig gains, which were up 15, from 551 last week to 566 this week. The number of active oil rigs in the United States is now 68 more than the same week last year. Gas rigs also saw a modest three-rig increase, from…

Oil Prices Slip After API Reports Crude, Gasoline And Distillates Builds

U.S. crude oil inventories increased by 2.93 million barrels this week, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, compounded by larger than expected builds in gasoline and distillates as well. Despite OPEC’s apparent adherence to the agreed upon production cuts so far, today’s news that crude oil inventories rose for the third week in a row will no doubt weigh heavily on the price of oil after last Friday, Baker Hughes reported 35-rig increase to the number of…

Oil Slides After Massive Rig Count Gain

The number of active oil and gas rigs in the United States increased on Friday by 35 for a total of 694 active rigs, according to oilfield services provider Baker Hughes, which is 57 rigs above the rig count a year ago. Not surprisingly, most of this week’s gains were in the form of oil rigs, which were up 29, from 522 last week to 551 this week. The number of active oil rigs in the United States is now 41 more than the same week last year. Gas rigs also saw a bump of 6, from 136 last week to 142 this week, which is 15 above the count for…

U.S. Oil Rig Count Falls For The First Time In 12 Weeks

The number of active oil and gas rigs in the United States dipped on Friday by 6 for a total of 659 active rigs, according to oilfield services provider Baker Hughes, which is 9 rigs above the rig count last year. The number of oil rigs decreased 7 from 529 to 522, while the number of active gas rigs increased from 135 to 136 for a single-rig gain. This week marks the first week in the last 12 that the number of oil rigs has decreased, and 10 straight weeks of gas rig increases. Drillers in the United States have been slowly but steadily increasing…

Google’s Waymo To Release Its First Fleet Of Self-Driving Minivans

Waymo’s first fleet of self-driving Chrysler Pacific minivans will hit public roads later this month, according to an announcement made at Detroit’s North American International Auto Show on Sunday. Waymo, the entity created when Google spun-off its self-driving automobile division in December of last year, made the announcement only two weeks after it promised, without further specifics, that it would unleash the minivans “sometime in 2017”. Waymo’s retrofitted Chrysler Pacifica test fleet consists of 100 gas-electric…

U.S. Rig Count Rises To Highest Point In 1 Year

Oilfield services provider Baker Hughes is ringing in the new year with a 7-rig increase this week to the number of active oil and gas rigs in the United States, bring the total number of active oil and gas rigs in the United States to 665, with the oil rig count up to its highest point in a year. This week marks 11 straight weeks of oil rig increases, and 9 straight weeks of gas rig increases. The final week of 2016 saw the number of oil and gas rigs increase by 7, with oil rigs accounting for 4 of the 7. That week saw 525 total oil rigs in production…

The U.S. Oil Rig Count Continues Its Rapid Climb

Oilfield services provider Baker Hughes reported a 13-rig increase this week to the number of oil and gas rigs active in the United States, bringing the total number of active oil and gas rigs to 637, just 72 shy of the count this time last year. Last week, the number of oil and gas rigs in operation jumped by 27, with oil rigs accounting for 21 of the 27. Last week’s data revealed that the U.S. had put more oil rigs into play than in any time since July 2015. The big winner this week was oil yet again, accounting for 12 of the 13 new rigs.…

Russian Oil Companies Set Up Monitoring Group for Cuts

The 12 Russian oil companies that will participate in the non-OPEC/OPEC oil production cut will set up a working group to monitor the implementation of the agreement, Energy Minister Alexander Novak said. Earlier, Novak confirmed that Rosneft, the biggest producer in the country, pumping 4.1 million bpd, will also take part in the reduction. Russia and another 10 non-OPEC producers agreed last week to contribute 588,000 bpd to OPEC’s agreed 1.2 million bpd reduction of oil production in a bid to restore the balance between global supply and…

Libya’s Rayayina Oil Pipelines Reopened After A Two-Year Closure

The Rayayina Patrols Brigade of the Petroleum Facilities Guard agreed on Wednesday to end a two-year-long blockade of two of Libya’s major oil pipelines, according to the Libya Observer. The Rayayina pipelines carry oil to the Zawia refinery and Mellitah terminals in western Libya from both the Al-Sharara and Al-Feel oilfields, which have been shuttered since the pipelines were first blockaded in 2014. Reopening the pipelines could add more than 400,000 barrels per day to Libya’s oil production, and according to Khalid Shakshak, the…

ConocoPhillips Beats 2016 Asset Sales Target, Reaps $1.3B

ConocoPhillips (NYSE:COP) said on Wednesday that it had completed its 2016 asset sales program, generating US$1.3 billion from disposals, more than the US$1-billion in proceeds it had targeted. ConocoPhillips will book some US$800 million of the proceeds from asset sales in the fourth quarter, mostly interests in Senegal, Indonesia, and iron ore assets in the North Cook Inlet and Minnesota. The production for 2016 associated with this year’s asset sales is 27,000 barrels of oil equivalent per day. The group left its 2016 total production…

Sinopec Sells Half Of Major Gas Pipeline

 Sinopec, the world’s biggest oil refiner, has agreed to sell 50 percent in its unit Sichuan to East China Gas Pipeline Co. for a total amount of around US$3.3 billion (22.8 billion yuan). The proceeds from the sale will be used to expand the capacity and operations of the pipeline. The buyers are China Life Insurance Co, which will pay the bulk of the total, US$3.1 billion (20 bln yuan), in exchange for a 43.86 percent in the company, and ADIC Communications, a unit of the State Development & Investment Corp., will supply the remained…

The OPEC Effect? U.S. Rig Count Spikes Most In 31 Months

The number of oil and gas rigs in the United States was up again this week, with an increase of 27. Active oil rigs in the United States increased by 21, while the number of gas rigs increased by 6. The 21-rig increase this week represents the highest spike in the number of active oil rigs in the United States since July 2015. Similar to last week’s Baker Hughes report, the biggest gainer by basin was the coveted Permian, which now boasts 246 oil and gas rigs—up 11 rigs from last week, and 42 more than the same period last year. OPEC…

Oman to Announce Oil Output Cuts After Vienna Meet

Omani authorities say the country will cooperate in OPEC’s planned output cut, but is holding out on a specific cut commitment until the cartel’s 10 December meeting in Vienna, news agencies report. OPEC has agreed to cut a total of 1.2 million barrels per day of crude oil production, and now non-OPEC members are being brought into the fold, with the terms of individual member participation to be discussed in Vienna next week, with cuts to be implemented at the beginning of the New Year. “We will discuss the terms and conditions…

Haftar’s Forces Take Control Of Ras Lanuf, Es Sider Oil Ports In Libya

General Khalifa Haftar, chief of the Libyan National Army (LNA), and his forces have taken control over two of the four export terminals in the Oil Crescent, according to a spokesperson for the LNA. His words were confirmed by a representative of the National Oil Corporation, speaking to Reuters. The news comes after the LNA clashed with the Petroleum Facilities Guard over the export terminals, which handle Libya’s oil trade. The PFG, which is affiliated with the UN-backed government, is the former master of the terminals, which it used as…

Saudi Arabia Blames Iran For Serious Cyber Attacks

Saudi Arabia was hacked again—in a major way—two weeks ago, destroying computers at six critical organizations in the country, according to Saudi news agency, SPA, who reported the incident just this week. The Saudi aviation regulator, The General Authority of Civil Aviation (GACA) was one of the targets—Saudi Arabia would not identify the other five targets. The cyber attackers used a variant of the Shamoon virus, which is the same virus that wiped the hard drives at Saudi Arabia’s state-run oil giant, Saudi Aramco, back…