Released June 29, 2020 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PRODUCTION
U.S., Canadian Rig Count Drops to New Record Low - U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low again even as higher oil prices prompt some producers to start drilling again. The number of rigs declined by one for the week ending June 26, to 265. That was 702 rigs, or 73%, below this time last year, and was the eighth week in a row the U.S. count set a fresh record low. (Reuters)
Oklahoma Commission Rejects Oil Prorationing Proposal - The Oklahoma Corporation Commission has voted against statewide prorationing of crude oil production, saying such mandatory production cuts are no longer necessary as oil prices have increased in recent weeks. The problem may be less severe and state action less needed because oil prices have risen in recent weeks, officials said. The action ended more than two months of efforts by some oil producers to get the state legal protection to shut-in their wells without the fear of being sued by the owners of the wells in an effort to stabilize markets. (Kallanish Energy)
CRUDE OIL
China's Saudi Oil Imports Surge in May - China's crude oil imports from Saudi Arabia nearly doubled in May from a year earlier to an all-time high. Arrivals from Saudi last month reached 2.16 million barrels per day (BBL/d), up about 95% from 1.11 million BBL/d in May 2019 and up 71% from 1.26 million BBL/d in April.
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
PRODUCTION
U.S., Canadian Rig Count Drops to New Record Low - U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low again even as higher oil prices prompt some producers to start drilling again. The number of rigs declined by one for the week ending June 26, to 265. That was 702 rigs, or 73%, below this time last year, and was the eighth week in a row the U.S. count set a fresh record low. (Reuters)
Oklahoma Commission Rejects Oil Prorationing Proposal - The Oklahoma Corporation Commission has voted against statewide prorationing of crude oil production, saying such mandatory production cuts are no longer necessary as oil prices have increased in recent weeks. The problem may be less severe and state action less needed because oil prices have risen in recent weeks, officials said. The action ended more than two months of efforts by some oil producers to get the state legal protection to shut-in their wells without the fear of being sued by the owners of the wells in an effort to stabilize markets. (Kallanish Energy)
CRUDE OIL
China's Saudi Oil Imports Surge in May - China's crude oil imports from Saudi Arabia nearly doubled in May from a year earlier to an all-time high. Arrivals from Saudi last month reached 2.16 million barrels per day (BBL/d), up about 95% from 1.11 million BBL/d in May 2019 and up 71% from 1.26 million BBL/d in April.
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
