Woodside Energy Ltd. has let a contract to Keppel Offshore & Marine, Singapore, for the modification and upgrade of the Ngujima-Yin floating production, storage, and offloading vessel, which will support the Greater Enfield oil development offshore Western Australia. Source: News

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell 2.5 million bbl during the week ended July 8 compared with the previous week’s total, according to the US Energy Information Administration’s latest Petroleum Status Report. Source: News

The light, sweet crude oil price for August delivery rallied by more than $2/bbl on July 12 as did the Brent crude oil price on the London market. The Organization of Petroleum Exporting Countries issued a report July 12 saying non-OPEC production will fall more than OPEC previously expected. Source: News

Following Barclays’ downward revisions to its 2016 global and regional exploration and production spending outlook, another investment bank, Cowen & Co., revised lower its E&P spending forecasts last published in January. Source: News

Kazakhstan’s state-owned KazMunaiGas (KMG), through a contractor, has let a contract to Ergil Group, Istanbul, to supply equipment for the second phase of the $2.9-billion revamp of its 5 million-tonne/year refinery Atyrau, Kazakhstan. Source: News

Global inventory builds of petroleum and other liquid fuels will average 900,000 b/d in 2016, slowing down from 1.9 million b/d in 2015, according to the July Short-Term Energy Outlook from the US Energy Information Administration. EIA also expects the market to reach balance in 2017, with inventory draws during the second half of the […]