WorldOil Proserv unveils new Great Yarmouth Centre of Excellence Energy services company, Proserv officially opened its new purpose-built Centre of Excellence today within Great Yarmouth’s Beacon Park. EIA: U.S. remains the world’s top producer of petroleum and natural gas hydrocarbons The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. Kenya drops budget cap to reach oil-cash deal, lawmakers say Kenya agreed to drop budget-allocation limits for oil-rich counties in order to break a deadlock in passing a revenue-sharing law that’s delayed production. Norway's $1-trillion wealth fund moves closer to oil exit Norway’s $1-trillion sovereign wealth fund cleared a hurdle on its proposed path to exiting oil and gas stocks. Crude rises as Venezuela sanctions stoke crude supply risk concern Crude extended its three-year high as a new wave of U.S. sanctions on Venezuela stoked concerns over its crude production and as analysts forecast further declines in American stockpiles. API: Rule to grant relief from tariffs, quotas on steel must be improved The American Petroleum Institute (API) has joined other trade associations in comments to the Department of Commerce on Section 232’s Interim Final Rule (IFR) to raise concerns over the ability of natural gas and oil companies to receive relief from steel tariffs and quotas. Oil pares gain as IEA discusses ways to tackle Venezuela risks Oil traded near $71/bbl, paring earlier gains, as the International Energy Agency said it’s in talks with producing nations to step in should sanctions be imposed on Venezuela, resulting in a supply shortfall. Hedge funds keep cutting bets on oil rally as oil keeps rallying As Brent oil prices climb, money managers are feeling less and less bullish. China energy firm CEFC defaults after Rosneft deal fails As corporate defaults pile up in China’s onshore bond market, a unit of a once-promising energy conglomerate with $4.8 billion of debt and a checkered past said it won’t be able to meet its payment obligation Monday. Forget about oil at $80. The big rally is in forward prices Brent crude grabbed all the attention after spot prices hit $80/bbl last week. And yet, almost unnoticed, a perhaps more important rally has occurred in the obscure world of forward prices, with some investors betting the "lower for longer" price mantra is all but over.