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OPEC nations reach 98.5% compliance on cuts

The 10 Organization of the Petroleum Exporting Countries (OPEC) members moved closer to full compliance with the landmark production cut agreement signed late last year, as output in the month fell from January levels to average 32.03 million barrels per day, according to an S&P Global Platts survey of analysts. In all, taking an average of January and February production, the 10 members obligated to reduce output under the deal have achieved 98.5% of their total combined cuts, according to the survey, up from 91% in January.

OPEC production slumped in December: S&P Global Platts

Oil production from the Organization of the Petroleum Exporting Countries (OPEC) slumped 280,000 barrels per day (b/d) in December, due to hefty falls in Nigeria and Saudi Arabia, a month before the group's pledge to rein in production, according to the latest survey of OPEC and oil industry officials and analysts by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets.

OPEC October output surged to new record of 33.54 mil barrels per day: S&P Global Platts

Oil production from the Organization of the Petroleum Exporting Countries (OPEC) rose to another record, at 33.54 million barrels per day (b/d) in October, according to survey of OPEC and oil industry officials by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets. Recoveries in strife-torn Libya and Nigeria significantly boosted the organization's output and more than offset field maintenance in Angola.

  • Iran, Iraq output climbs higher
  • Libya, Nigeria add 190,000 b/d each in October
  • Dalia maintenance dents Angolan output

Analysis suggests US rig count could grow by 30 percent in 2017

S&P Global Platts has announced the release of the Platts RigData U.S. Land Rig Three-Year Forecast. The annual Forecast, now in its second year, is an analysis of the key drivers of domestic oil and gas supplies and what they imply for future trends over the next three years for land rig demand. As the report notes, oil prices will continue to be the primary catalyst determining U.S. rig demand in the months ahead.

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