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.
Crude oil producers have called for their industry to receive the same national security attention from the Trump administration as steel and aluminum, Kallanish Energy sister publication Kallanish learns from the Panhandle Import Reduction Initiative (PIRI).
Independent U.S. producers underspent their first-quarter budgets by as much as $2.5 billion collectively, largely because they couldn’t find enough fracking crews to handle planned work, according to research/consulting firm Infill Thinking.
U.S. commercial crude oil inventories (excluding product in the Strategic Petroleum Reserve) dropped 1.8 million barrels (MMBbl) during the week ended May 12, compared to the previous week’s total, according to the Energy Information Administration’s weekly Petroleum Status Report (PSR).
Nearly ten days before OPEC members decide whether to prolong the oil output cut agreed with non-OPEC producers beyond June, the International Energy Agency said the market rebalancing is “essentially here” and will soon start to accelerate.
The joint statement by the OPEC’s largest oil producer, Saudi Arabia, and its counterpart outside the cartel, Russia, that their output cut agreement needed to be extended until March 2018, drove crude oil price up over 2% on Monday.