Oil has advanced for the past three months amid optimism that output cuts by Organization of Petroleum Exporting Countries and its partners are helping to balance the market. Yet U.S. rivals have been expanding their operations, with drillers adding two oil rigs to reach 749 last week, the highest level since late September, according to Baker Hughes. “The OPEC deal will mostly work for non-OPEC,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. “Even if OPEC delivers the cuts promised, and prices stay high long enough, the main result will be that U.S. shale adds on close to 1 million barrels a day of additional production.” Click Read More below for additional information.

Midland is deeply saddened to announce the passing of Ralph DeLetto, Executive Vice President, Chief Financial Officer, and co-owner of the company. Ralph passed away Monday night following a long and courageous battle with cancer, surrounded by his loving family. “Ralph was an extraordinary leader and a trusted partner whose vision and integrity helped shape Midland into the organization it is today,” said Mike Graves, President and Chief Executive Officer. “His contributions to our business and our people were immeasurable, and his legacy will continue to inspire us for many years to come.” Ralph is survived by his wife, Nancy, and his sons, Michael and Christopher, who are also valued colleagues at Midland.

California will block the transportation through its state of petroleum from new offshore oil rigs, officials told Reuters on Wednesday, a move meant to hobble the Trump administration’s effort to…