Baker Hughes Rig Count: U.S. +3 to 673 Canada -16 to 124
Canada Rig Count is down 16 from last week to 124, with oil rigs down 12 to 64, gas rigs down 4 to 60.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 1st April 2022 | 673 | +3 |
| Canada | 1st April 2022 | 124 | -16 |
| International | March 2022 | 815 | +2 |
Despite the gradual lifting of OPEC quotas, Nigeria has struggled for several months to increase production back up. While the country has a production capacity of over 2 million barrels of oil per day (bopd), oil output stood at 1.3m bopd last year according to government data. As oil prices enter a new supercycle, Nigeria’s production underperformance coupled with continued imports of finished petroleum products expose it to several macroeconomic risks. Since the start of the year, for instance, the country’s petrol subsidies program has become so expensive that the government is now planning to tap into its €2bn Eurobond sale of 2021 to fund it. But while Nigeria cannot control oil prices, it certainly can work towards improving oil production to mitigate vulnerabilities and try to make the best of the current oil prices cycle. In fact, a closer look at current shallow water market activity has observers hopeful that competent local players could be starting to make the difference the country needs. Read More
Early saturday morning supporters of Just Stop Oil blocked access to the Titan Truck Park and revealed a secret underground network of tunnels at the Navigator and Grays oil terminals.They are demanding that the UK government stops new oil and gas projects in the UK.
The Grays and Navigator terminals have remained blocked overnight while this morning’s news of tunnel activity at Grays and Navigator means that the main and emergency access roads to the critical oil terminals are closed, while Titan Truck Park contains over 100 oil tankers which service the three major oil terminals in the area. This is expected to cause significant disruption to oil supplies in London and the South East.
Just Stop Oil supporters currently occupying tunnels have taken inspiration from the tunnels that halted HS2’s work at Euston Square Gardens one year ago – when activists spent 31 days living underground- and say that they are in for the long haul. Read More
WTI for May delivery fell $1.01 to settle at $99.27 a barrel in New York.
Brent for June settlement fell 32 cents to settle at $104.39 a barrel.
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $99.27 | Down |
| Crude Oil (Brent) | USD/bbl | $104.40 | Down |
| Bonny Light | USD/bbl | $107.00 | Down |
| Saharan Blend | USD/bbl | $108.65 | Down |
| Natural Gas | USD/MMBtu | $5.72 | Up |
| OPEC basket 31/03/22 | USD/bbl | $107.74 | Down |
More than 200 people have been arrested since Friday as protests at oil terminals enter a third day.
Activists from Just Stop Oil have obstructed access to terminals across England since Friday, demanding an end to new oil and gas projects.
In Essex, a total of 155 have been detained following demonstrations in the Thurrock area.
Meanwhile Warwickshire Police arrested 54 people on suspicion of a number of offences at the Kingsbury terminal.
The police force said people had been arrested on suspicion of offences including criminal damage, obstructing the highway and public order offences. Read More
The Russia/Ukraine conflict has penetrated deep into global crude and product markets. Producers, traders, shippers, refiners and even consumers are all having to adapt to shifting crude and product flows – and pricing. Our Refining analysts Alan Gelder, Mark Williams and Gerrit Venter guided me through what’s happening and how they think things will play out.
First, very little Russian crude and product volumes have been kept from the market. Oil, like gas and coal, is exempted from official sanctions, though the US, Japan and South Korea have imposed import bans. Many countries and companies are aiming to reduce their dependence on Russian crude and products by the end of 2022.
Around 1.0 million b/d out of total Russian crude exports of 4.6 million b/d is now self-sanctioned. These are mostly Urals barrels destined for European refineries Read More
OPEC+ Ditches IEA Data, Sticks to Modest Oil Output Increase
The IEA said in an emailed statement its data and analysis was “rigorous and objective” and its monthly update on OPEC+ oil production would be made available to the public to support transparency.The IEA advises Western governments on energy policy and has the United States as its top financier. Read More
