Our free weekly round-up of the latest news in the oil market is below, available to download in PDF format.

• Despite Red Sea shipping disruptions and the blockade of Libya’s 300,000 b/d Sharara oilfield, Brent prices held at $78/bbl.

• Pressure on prices was driven by concerns over demand, US inventory builds, and a resilient US dollar.
  US Commercial crude inventory decreased by 5.5 mbbls, but there was a notable 12.4 mbbls build in petroleum products.

• October’s US crude production reached 13.248 mb/d, slightly below September’s record of 13.252 mb/d.

• China’s official manufacturing PMI declined to 49 in December from the previous 49.4, marking the third consecutive month of contraction.

• Prolific offshore startups initiate 2024 including Petrobras’s 180,000 b/d Mero 2 field, Talos’Lime Rock and Venice fields in the US GoM currently producing 18,500 boe/d and CNOOC’s Lufeng Phase II project with a peak capacity of 22,600 b/d

• Operators bullish on Norway E&P. Equinor aims to boost yearly appraisal and exploration wells in Norway.
  Vaar Energi’s highly anticipated Venus wildcat in the Barents Sea this year. Drillings also planned for PGNiG’s Tomcat gas prospect, Aker BP’s Rondeslottet, and Equinor’s Arkenstone prospect.

• Accelerated offshore activity in W Africa: Azul Energy and Equinor’s Angola acquisition; Petrobras expands in West Africa with farming into three Shell-operated deepwater blocks; UK’s Europa secures offshore exploration block in Equatorial Guinea; Galp Energia’s Mopane-1X well in Namibia’s Orange Basin indicates positive hydrocarbon signs

• Fresh shale acquisition: APA’s $4.5 Billion Acquisition of Callon Petroleum : A strategic move into Permian basin

• Valaris secures a $488k dayrate contract for drillship DS-4 with Petrobras in Brazil, covering mobilization and special services. The rate is highest since 2014 in Brazil