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Survey Focal PointIADD May LuncheonStaying Ahead of the Curve
IADD News

U.S. Rig Count is down 27 rigs from last week to 905, with oil rigs down 24 to 679, gas rigs down 3 to 222, and miscellaneous rigs unchanged at 4.

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OPEC oil production was little changed in April near the highest level since November 2012, as Saudi Arabia pumped 10 million barrels a day.

Production by the Organization of Petroleum Exporting Countries slipped 1,000 barrels to 31.295 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 267,000 barrels higher to 31.296 million a day, mostly because of a change to the Saudi estimate. 

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 The U.S. was the world’s biggest producer of hydrocarbon fuels for the third year in a row in 2014, according to new government data.

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 HOUSTON — Royal Dutch Shell has agreed to buy BG Group, the British oil and natural gas producer, in a deal worth nearly $70 billion, the companies announced Wednesday.

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NEW YORK (AP) — Oil and gas drilling services company Halliburton said Tuesday it will sell several businesses as it works to complete its $34.6 billion acquisition of competitor Baker Hughes. 

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 One Texas oil field has produced more than twice as much crude as any other field in the United States in recent decades.

According to a new report by the U.S. Energy Information Agency, the Eagleville field in the Eagle Ford Shale of South Texas is the number one oil field in the nation, churning out 238 million barrels in 2013 — enough to meet national oil demands for about 12.5 days.

 

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Baker Hughes Inc. issued its international rig count that showed 1251 rigs operating worldwide in March 2015 outside of the US and Canada. Unsurprisingly, global rig counts have dropped significantly due to an approximate 50% drop in crude oil prices since 2014.

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 Russia, the world’s biggest energy exporter, will meet with OPEC before the group next gathers in June to discuss whether to adjust production limits, amid prices that are almost half their level of 10 months ago.

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Saudi Arabia has a response to the global surplus of oil: Raise output to near-record levels and then pump even more.

The world’s biggest oil exporter, having abandoned last year its role of keeping global markets in balance, now has incentive to maximize output and undermine rival producers by using its reserve capacity, according to Citigroup Inc. and UBS AG. Just meeting its own domestic demand this summer will require a lot more fuel, others estimate.

The increase — a snub to fellow OPEC members calling on the kingdom to cut production — will heighten tensions when the organization meets in June. Oil plunged to a six-year low near $45 a barrel in January, six weeks after the Saudis overcame opposition within the group to keep up output despite surging U.S. shale supplies. 

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The largest industrial companies in the world, from Caterpillar Inc. to Honeywell International Inc., are about to get a rare chance to go big on oil.

They’re among more than half a dozen manufacturers -- including Siemens AG, Dover Corp., and General Electric Co. -- that are weighing offers for oilfield-services assets worth $5 billion to $10 billion that Halliburton Co. is preparing to sell, people with knowledge of the matter said. 

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