Breaking: Via Bloomberg, Russian President Vladimir Putin signaled Wednesday that Russia's deal with OPEC to curb output could last longer than the first quarter of 2018, when it's currently slated to expire. Maybe much longer.
"If we speak about a possible extension, then of course, it should be at least until the end of 2018," he said.
- Speaking of the production deal, Platts reports this morning: "The OPEC/non-OPEC coalition will try to recruit at least 10 and up to 16 more oil producing countries to join in output cuts to bolster market rebalancing efforts, Venezuelan oil minister Eulogio del Pino said Wednesday.
More on Russia and Saudi cooperation: Reuters sets the table for Thursday's meeting between the leaders of the two mammoth energy producers, noting that they're expected to discuss the crude production-limiting agreement and more...
- "A slew of investment deals, including on a liquefied natural gas project and petrochemical plants, could also be signed during King Salman's trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised," they report.
Shale: A Barclays research note points to one reason why Chevron is so bullish on the Permian Basin, where the oil giant is investing billions of dollars: data, and lots of it. "In total, [Chevron] has drawn on 5.5 million wells' operating data in its model analysis and thinks its sample size could be twice as big as most of its key competitors," Barclays states.
Lobbying: Canadian oil giant Suncor Energy has brought on Nelson Mullins Riley & Scarborough for representation on oil trade and regulations on oil from Canada, a newly public filing shows.
Tech: Via The Financial Times, "BP is experimenting with blockchain to make oil and gas trading more efficient in the latest sign of big companies bringing the database technology into mainstream use."
Insight: New analysis from the consulting firm Rystad Energy looks at how the decline in oil industry spending after the price collapse a few years back has affected development in existing, "mature" oilfields, where the drilling of new wells has dropped by half.
- "This lower level of activity on already-declining fields has had quite a dramatic impact on decline rates. Mature, offshore oil fields now decline at a rate of -8% per year, whereas the same fields declined by only -5% in 2014, before the drop in drilling activities," they note.
- In the U.S., they predict oil production will reach 15 million barrels per day within five years as activity shifts increasingly toward onshore shale regions.