IEA: Excess oil inventories will persist into 2018

Assuming stable oil production from the Organization of Petroleum Exporting Countries, oil demand should outpace oil supply in this year’s second half, but excess inventories will persist into 2018, according to forecasts made by the International Energy Agency in its latest monthly Oil Market Report.

Strategic plans more Muskeg wells in Alberta

Following its success in this year’s first half, Strategic Oil &
Gas Ltd. will drill and complete four additional Muskeg wells this
Summer. The operator also is evaluating a second prospective formation in its multizone light-oil Marlowe prospect.