Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004, according to the U.S. Department of Energy and its Energy Information Administration.
All eyes are once-again on the anticipated extension of the output product cut agreed between OPEC and non-OPEC producers, with speculation and potential outcomes being voiced ahead of the Thursday’s meeting in Vienna.
National Oilwell Varco NOV said Monday it's entered into a memorandum of understanding with Saudi Aramco to form a joint venture based in Saudi Arabia, to manufacture high-specification land rigs, rig and drilling equipment, and offer certain aftermarket services.
The willingness of Saudi Arabia, Russia and ostensibly the rest of OPEC to extend the production cut isn’t a surprise, except for the addition to the first quarter of 2018, the U.S. energy research firm ESAI Energy said in a memo on Tuesday.
There's a good chance OPEC, Russia and other producers could deepen production cuts by as many as 500,000 barrels per day (BPD) when they agree to a new deal later this month, according to Citigroup.