Rigs targeting oil in the U.S. fell by 28 to 439, after more than 1,000 were idled over the past year and a half, Baker Hughes Inc. said. Supplies at Cushing, Oklahoma, the biggest U.S. oil-storage hub, rose to a record 64.7 million barrels last week. Source: Bloomberg
Venezuela’s President Nicolas Maduro said on state television that Venezuela would put in place in 2019 a program to sell all its oil production in the Petro cryptocurrency, which the leader is touting as the first state-backed oil-backed digital currency. Source: Oil Price
After Russia agreed on Friday to cut its oil production as part of the non-OPEC group tasked with cutting 400,000 bpd of oil production, Energy Minister Alexander Novak said it would take Russia “months” to get down to its requested level. Source: Oil Price
China’s 2018 crude steel output is expected to set an annual record of 923 million tonnes before slipping back to 900 million tonnes next year, a government consultancy said on Monday. Source: Reuters
