Wednesday, July 15, 2026

Drilling Activity Rebounds from Last Week’s Fall

New Mexico reaches all-time high Drilling activity increased this week, partially reversing last week’s decline according to the latest edition of Baker Hughes Rig Count. A net nine rigs came online in the week, bringing the national total to 1,059. This is the largest in over two months, but only partly offsets the 25-rig drop seen last week. Nine land-based

OPEC Cuts Will Bring Crude Oil into Balance in 2017: UBS

Russia Seals Position as Top Crude Oil Supplier to China, Holding Off Saudi Arabia

From Reuters Russia came in as China’s largest crude oil supplier in December, cementing the top spot for all of 2018 for a third year in a row ahead of rival Saudi Arabia, customs data showed on Friday. Imports from Russia reached 7.04 million tons, or 1.658 million barrels per day, in December, up 40 percent from 5.03 million tons

Venezuelan Oil Exports to U.S. Still Primary Source of Cash

From Reuters Venezuela’s oil exports to the United States remain the primary cash resource for its state-owned oil company, and efforts by the United States to cut off that revenue would likely force it to send crude to China, India or other Asian countries. U.S. refineries that depend on Venezuela’s heavy crude would have even more trouble securing supplies as