The EIA (U.S. Energy Information Administration) estimates that Saudi Arabia’s crude oil production rose by 50,000 bpd (barrels per day) to 10.20 MMbpd (million barrels per day) in July 2017 compared to the previous month.
The Russian index, MICEX, rose to an all-time high—helped by investors turning their attention to how the rebound in crude oil prices can be best captured.
Canadian oil and gas companies such as Imperial Oil, Suncor Energy, and Advantage Oil & Gas were trading at an average of 13% below their 100-day moving averages.
Crude oil is Canada’s primary export and the slump weighed negatively on the Canadian dollar. Crude prices fell by more than 20% since the beginning of 2016.
The ruble fell against the US dollar on December 11, 2015, after a free fall in crude prices globally. Higher inflation levels have been hurting the economy.
While Sprott’s share price has been bottoming out due to the dividend cut, Long Run Exploration (LRE.TO), Sprott’s largest holding, has seen its share price increase over 30%.
Pinecrest Energy (PRY, PNCGF) is a Toronto Venture Exchange–listed oil and gas exploration and production company focused on the Alberta, Canada, Slave Point region.
