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Crude oil benchmarks on the New York and London markets fell by more than $1/bbl on Dec. 6 after the Organization of Petroleum Exporting Countries met in Vienna but delayed any announcement until reconvening for a second day Dec. 7. OPEC formally ended its meeting on Dec. 7 and convened in a closed session meeting with a group of 10 non-OPEC members, led by Russia.

Chevron Corp. estimates it will spend $20 billion in 2019 to support its upstream and downstream projects. The company said its 2019 capital and exploratory budget is “highlighted by our world-class Permian basin position, additional shale and tight development in other basins, and our major capital project at TCO in Kazakhstan,” said Chairman and CEO Michael K. Wirth.

The international rig count for November reached 991, down 26 units from the 1,017 rigs counted in October and up 49 units from the 942 rigs counted a year ago, according to Baker Hughes data. The international offshore rig count for November was 206, down 1 unit from the 207 counted in October, and up 23 from the 183 counted in November 2017.

The Organization of Petroleum Exporting Countries concluded a 2-day meeting in Vienna on Dec. 7 with an agreement to cut 800,000 b/d of production, while 10 non-OPEC countries agreed to cut 400,000 b/d. The countries of Iran, Libya, and Venezuela were exempted from the production cuts, which will be effective for 6 months starting Jan. 1, 2019. The cuts will be based on October 2018 production levels.

The US exported more crude oil and petroleum products than it imported during the week ending Nov. 30, according to the Energy Information Administration’s Weekly Petroleum Status Report. The country thus became a net oil exporter for the first time since World War II, at the end of which US oil exports exceeded imports. By 1950, the US had become a net oil importer, a status unchanged until now.


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