1. NYMEX crude oil dips below $60/bbl.

Light, sweet crude oil for May delivery dipped to settle just below $60/bbl on Mar. 21, while Brent prices for May settled under $68/bbl. Production cuts by the Organization of Petroleum Exporting Countries and US sanctions against Iran and Venezuela are contributing to a tightening of supply, buoying prices near 2019 highs.
OPEC’s crude output hit 30.7 million b/d in February, down from 32.8 million b/d in mid-2018 and cuts are expected to continue.

2. Canada drops 56 rigs for the week.

Canada has dropped 56 rigs for the week ended Mar. 22, according to Baker Hughes data. With 105 rigs running, the count is less than the 161 units drilling this week a year ago. The number of oil-directed rigs in Canada fell by 49, bringing the count to 49 rigs for the week. Gas-directed rigs were down 7 to 56 units.
The US drilling rig count, meanwhile, fell 10 units to 1,016 rigs working for the week. The count is up 21 units from the 995 rigs working this time a year ago.

3. PTTEP outlines Malaysian plans after acquisition, block wins

PTT Exploration & Production PCL (PTTEP) has won two exploration blocks in Malaysia while acquiring Murphy Oil Corp.’s properties in the country.