OPEC Sees A “More Balanced Oil Market” Towards End Of The Year. In its monthly report released Monday morning, OPEC said supply disruptions in Nigeria and Canada “brought supply and demand more closely into alignment earlier than many had expected, bolstering prices.” [Oilpro]
Oil Prices Under Pressure Early Monday. Oil prices kicked off the week in the red after U.S. drilling data showed another increase, reinforcing views that the recent price rally may restrain the nascent rebalancing of the oversupplied market by motivating producers to restart closed wells. [MarketWatch, Oilpro]
U.S. Rig Count Rises For 2nd Straight Week. The number of oil rigs rose by 3 to 328. The number of gas rigs likewise rose by 3 to 85. This brings the total active U.S. rig count to 414. The past two weeks mark the first consistent increase since July 2015. [Oilpro]
Iran Shakes Up Oil Leadership. Rokneddin Javadi, managing director of the National Iranian Oil Co. since 2013, has resigned and been succeeded by Ali Kardor, NIOC said on its website. Mr. Javadi has moved on to become deputy minister in charge of supervising hydrocarbon resources, the company said. [MarketWatch]
NYK Buys Major Stake In EMAS Chiyoda Subsea. Japanese shipowner Nippon Yusen Kabushiki Kaisha (NYK) has made a stunning move into the offshore sector after agreeing to purchase a 25% stake in EMAS Chiyoda Subsea, the offshore operator owned by Singapore’s Ezra Holdings and Japan’s Chiyoda Corporation. [Oilpro, Splash 247]
New Algerian Energy & Finance Ministers Named In Reshuffle. Algerian President Abdelaziz Bouteflika named new energy and finance ministers on Saturday in a cabinet reshuffle, as the OPEC member tries to cope with a sharp fall in oil and gas earnings that have placed increasing pressure on its finances. [Fortune]
ECB Says Oil-Price Slump Not the Global Boon It Might Have Been. Cheaper oil prices since 2014 have probably been of little net benefit to the global economy and may even have been a drag on growth, according to the European Central Bank. [Bloomberg]
Put A Plug In It. ConocoPhillips is working to plug and abandon 130 wells in the southern North Sea, reducing the number of days it takes as it works through the program. But, it wants to improve further. [oedigital, Oilpro]
IOG Acquires Oyster Petroleum Shares. Independent Oil and Gas (IOG) signed a Sale and Purchase Agreement with Verus Petroleum Ltd. to acquire 100% of the shares ofOyster Petroleum Ltd, a subsidiary of Verus. [Oilpro]
Sonar To Listen For Moving Icebergs Near Arctic Oil Platforms. Run silent, run deep. There are hidden dangers in the Arctic Ocean. Submerged icebergs and other drift ice can cause serious damage and environmental disasters if they collide with ships or oil platforms. But soon we may be able to hear them coming. [newscientist.com, Oilpro]
Meet Gary Card Of Weir Oil & Gas, #HUMANSofOG. He writes, “The oilfield business has been great to me through all the ups & downs! I have learned many skills during my 30 plus years in the business. My favorite has turned out to be 3D printing!” [Oilpro]
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