U.S. Oil Production Resumes Decline – EIA. U.S. oil production has resumed its decline after rising last week, dropping by 29,000 bpd, according to the EIA’s weekly oil storage report. [Oilpro]
Oil Hits Three-Week Low On Weak US Stock Draw, Brexit Fear. Oil prices hit their lowest in more than three weeks on Thursday, the sixth straight day of losses and longest bearish run since early 2016, as U.S. crude stocks fell less than expected and concerns over Britain’s future in the EU weighed. [CNBC]
Exploring Potential Limits To Gasoline Demand Growth In China. Gabriel Collins writes, “Despite the high confidence expressed by the China gasoline bulls, three core structural factors deserve close scrutiny given their deep influence over how cars are, and will be able to be, driven in China now and in coming years.” [Oilpro]
Pioneer Expands Permian Footprint. Pioneer Natural Resources announced it willacquire 28,000 Midland Basin acres for $435 million and add 5 horizontal rigs during 2H16. [Pioneer Natural Resources]
North Dakota’s Oil Production Sees Biggest Monthly Decline In State’s History. The state’s oil production in April dropped by 70,000 bpd, the largest month-to-month decline in the state’s history, the Department of Mineral Resources said in its monthly report. [Oilpro]
Norwegian Oil Unions Threaten Drilling Rig Strike. Nearly 300 employees on oil and gas drilling rigs off Norway could go on strike unless a wage deal is agreed by June 22, the country’s state-appointed mediator said on Thursday. [Reuters]
Future Of Offshore Drilling In US Arctic In The Balance. The future of offshore oil and gas drilling in the US Arctic is in the balance as the Obama administration weighs up whether or not to lease fields off the north of Alaska. [Splash 247, Oilpro]
Russia, Venezuela Talk Oil Freeze. “The sides discussed bilateral energy projects, the situation at the market of hydrocarbons, the results of June OPEC meeting in Vienna and prospects of cooperation with the members states of the organization,” a joint statement said. [Sputnik International]
Energy Group Hopes To Reduce Foreign Oil Imports. A group of oil and gas executives and energy policy experts from the Texas Panhandle and New Mexico’s piece of the Permian Basin are pushing a plan to restrict seafaring imports of foreign oil from coming into the U.S. [Farmington Daily Times, Oilpro]
Iran’s Oil Comeback May Already Be Over. Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery may have run its course. [Bloomberg]
Meet Fernando Arias Of Villavicencio, Colombia, #HUMANSofOG. He writes, “The oil and gas industry is a great one and it needs people with expertise in operation, maintenance and projects to keep it a productive and safe industry.” [Oilpro]
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