Energy News As Reported 26 Feb 2023: Canada Rig Count is down 4 to 244
London, Feb 26 (Oilandgaspress) – Brent Crude stood at $83.16/bl, OPEC basket price at US$80.53/bl.
U.S. Rig Count is down 7 from last week to 753 with oil rigs down 7 to 600, gas rigs unchanged at 151 and miscellaneous rigs unchanged at 2.
International Monetary Fund Managing Director Kristalina Georgieva made the following statement today at the first meeting of the G20 Finance Ministers and Central Bank Governors in Bengaluru, India:
I would like to thank the Government of India for the generous hospitality and Minister of Finance Nirmala Sitharaman and Governor Shaktikanta Das for their inspirational leadership of the G20 meetings as we navigate together another challenging year.
India is a relative bright spot and an important engine of growth for the world economy, representing about 15 percent of global growth in 2023. India’s remarkable progress on Digital Public Infrastructure provides a strong basis to secure robust and inclusive growth over the medium term.
With global growth set to slow in 2023 and remain below its historical average, too many people in too many countries are struggling to make ends meet—a point that I highlighted in my recent blog on policy priorities for the G20. The international community, therefore, has a responsibility to come together to find solutions for the most vulnerable members of our global family. This calls for urgent action to strengthen the international financial architecture, especially in the area of debt resolution and strengthening the global financial safety net.
Debt resolution
In light of rising debt vulnerabilities in many countries, I strongly endorse efforts to strengthen the debt architecture and improve the speed and effectiveness of debt resolution.
Sovereign debt vulnerabilities, already elevated before the pandemic, have been exacerbated by the shocks stemming from Covid-19 and Russia’s war against Ukraine. This is particularly the case for developing and low-income countries with very limited policy space and huge development needs.
It is therefore imperative for the G20 to strengthen the debt architecture. The G20 did so in 2020 with the Debt Service Suspension Initiative (DSSI) and by establishing the Common Framework (CF) for debt resolution.
Since then, the CF delivered a debt operation for Chad. It is now critical to complete Zambia’s debt restructuring, establish a Creditor Committee for Ghana, and advance work with Ethiopia.
Nonetheless, more predictable, timely, and orderly processes are needed both for countries under the CF and for those not covered by it, including Sri Lanka and Suriname.
This means that we must enhance dialogue and collaboration on debt issues. This is the goal of the new Global Sovereign Debt Roundtable (GSDR): to bring together creditors—official, old and new, and private—and debtor countries to discuss key issues that can facilitate the debt resolution process. We launched the GSDR under the auspices of India’s G20 presidency last week at the deputies’ level, followed by an engaged and constructive principals meeting earlier today. We will further build on this discussion during the World Bank-IMF Spring Meetings in April.
Strengthening the Global Financial Safety Net Read More
Gazprom to ship 39 mcm of gas to Europe via Ukraine on Sunday
Russia’s Gazprom said it will ship 39 million cubic metres (mcm) of gas to Europe via Ukraine on Sunday. Read More
U.S. Rig Count is down 7 from last week to 753 with oil rigs down 7 to 600, gas rigs unchanged at 151 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 4 from last week to 244, with oil rigs down 5 to 158, gas rigs up 1 to 86.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 24 February 2023 | 753 | -7 |
| Canada | 24 February 2023 | 244 | -4 |
| International | January 2023 | 901 | +1 |
Russia has halted supplies of oil to Poland via the Druzhba pipeline, PKN Orlen’s (PKN.WA) CEO said on Saturday, adding that the Polish refiner would tap other sources to plug the gap. The halt in supplies via the pipeline – which has been exempted from European Union sanctions imposed on Russia following its full-scale invasion of Ukraine – came a day after Poland delivered its first Leopard tanks to Ukraine according to Reuters report. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $76.32 | Up |
| Crude Oil (Brent) | USD/bbl | $83.16 | Up |
| Bonny Light | USD/bbl | $83.08 | Up |
| Saharan Blend | USD/bbl | $82.95 | Up |
| Natural Gas | USD/MMBtu | $2.54 | Up |
| OPEC basket 23/02/23 | USD/bbl | $80.53 | Up |
Ecuador’s oil production is expected to be offline for at least three weeks, the country’s government said on Friday after declaring a force majeure on Thursday.
Ecuador announced the force majeure for its oil industry following a Marker River bridge collapse that triggered a closure of crude oil and gas pipelines. Petroecuador and pipeline operator OCP Ecuador suspended pipelines on Wednesday after the bridge collapsed.
On Thursday, Petroecuador said it would gradually shut oil wells, estimating that it would be seven days before pumping would begin to restart. Read More
A 655,000-barrel cargo of Venezuelan heavy crude chartered by a unit of Italy’s Eni SpA ENI.MI departed on Friday from a port operated by state-run PDVSA, shipping data showed, marking Venezuela’s first export to Europe after a three-month pause. Eni and Spain’s Repsol SA REP.MC last year received U.S. authorizations to take Venezuelan oil to Europe as compensation for outstanding debt in an easing of American sanctions on Venezuela’s oil industry. But the shipments were allocated intermittently last year. And so far this year most Venezuelan crude exports have been halted during a sweeping audit by new PDVSA boss Pedro Tellechea, who revised contract terms to avoid a series of failed payments by some customers. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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