Drilling Info - Our Sponsor! Get a free $100 credit by going to globalenergymedia.com/courthouse Ryan Ray and Ellen Wald discuss: Schlumberger Q1 earnings report: http://investorcenter.slb.com/phoenix.zhtml?c=97513&p=irol-newsArticle&ID=2343687 Note the following "However, production challenges in US shale are emerging that are linked to infill drilling well-to-well interference, the potential lower production of step-out drilling from Tier 1 acreage, and significant infrastructure constraints. It is, therefore, becoming increasingly likely that the industry will face growing supply challenges over the coming year and a significant increase in global E&P investment will be required to minimize the impending deficit." Outlook differs significantly from big banks, oil analysts outlook and forecasts on oil prices. They expect shale oil production to drive prices down in H2, but perhaps production won't be as significant as forecast. Halliburton Writes Off Remaining $312 Million Invested in Venezuela https://www.nytimes.com/2018/04/23/business/halliburton-venezuela-pdvsa.html Significant that US may decide to increase sanctions after Venezuela's May 20 election that could prevent US oil producers from exporting light oil to Venezuela. Rig count: https://www.bloomberg.com/news/articles/2018-04-20/explorers-crank-rig-count-higher-as-u-s-crude-supplies-dwindle Baker Hughes rig count differs from Drilling Info data but rig count release on Friday didn't seem to have much impact on the market. North Korea: North Korea with a much "milder" tone on nuclear weapons https://www.wsj.com/articles/north-korea-suspends-nuclear-long-range-missile-tests-and-plans-to-close-nuclear-test-site-1524264301 Could be some implications for the Iran sanctions issue depending on what tone the Trump administration wants to send North Korea. Platts on the latest OPEC meeting. https://www.platts.com/latest-news/oil/jeddah-saudiarabia/russian-energy-minister-novak-says-should-continue-26945013 Al-Falih (Saudi oil minister) signals he wants to continue production cuts (the journey is not yet over) whereas Novak (Russian oil minister) is not so sure. Trump's oil tweet - sites/ellenrwald/2018/04/20/trump-tweet-blames-opec-for-higher-oil-prices-market-responds/ The tweet sent oil prices tumbling on Friday, but was probably designed to blame OPEC - instead of American oil producers - for rising gasoline prices.