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While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on,
- U.S. oil rig count: The United States is continuing to see a surge in production. According to the latest report, the production rose to 10.27 million barrels per day. Despite fewer rigs operating compared to 2014/15, the production efficiency has pushed the overall production higher. As of latest report, the numbers of operating rigs rose from 798 to 799. The numbers of operating rigs have increased more than 150 percent since bottoming in May 2016.
- Venezuela crisis: Crisis continues in Venezuela. The latest production report from OPEC showed that the production declined to just 1.6 million barrels per day. There are unconfirmed reports that February could see another decline.
- Saudi Arabia’s desire for the deal: Saudi Arabia is wooing Russia to become a permanent member of the Grand cartel including the 10 countries that have joined OPEC and Russia in production cuts since 2016. According to OPEC’s communications, there is a working group working on the details of the deal.
- Libya’s oil production dwindles: Amid a dispute over pay, Libya’s El feel oil field is in shut down since Friday taking 70,000 bpd production offline. This time it is the field guards who are locked in a pay dispute. The guards are from the Petroleum Facilities Guards group that held all of Libya’s oil export terminals under a blockade for more than a year until September 2016.
Key global oil benchmarks:
WTI - $63.6 /barrel
Brent - $67.3/barrel
OPEC basket - $64.2/barrel
Urals - $65.1/barrel
Oman - $65.9/barrel
Dubai - $64.2/barrel
Western Canada Select - $35.6/barrel
