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Energy / Crude Oil

U.S. Oil Drilling Gets Another Bump As WTI Soars To $80

Mar 01, 2024 at 12:21 | Julianne Geiger

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total…

WTI Soars Past $80 per Barrel as Oil Market Tightens

Mar 01, 2024 at 09:59 | Julianne Geiger

The price of a WTI barrel soared to heights not seen since November as the market braces for an OPEC+ decision on oil production levels in April…

Exxon Threatens to Derail Chevron's Acquisition of Hess

Mar 01, 2024 at 08:49 | ZeroHedge

Exxon's challenge of Chevron's acquisition of Hess could result in a windfall for Exxon shareholders, a new report from Reuters speculates. 

Offshore Oil Discoveries Thrive

Feb 29, 2024 at 08:18 | Irina Slav

Analysts and energy industry executives are sounding the alarm about underinvestments in oil and gas exploration. This has been going on for years, and it is a recipe for shortages…

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Feb 29, 2024 at 07:43 | Rystad Energy

Oil and gas upstream majors — ExxonMobil, Shell, Chevron, BP, TotalEnergies and Eni — will continue to exercise caution in exploration spending this year, with drilling activity poised…

Oil Workers Fired As Strike Rages On in Kazakhstan

Feb 29, 2024 at 07:24 | Eurasianet

An oil services company in western Kazakhstan whose operations have been hampered by a strike that began in December has escalated the standoff by announcing that it will…

EIA Confirms Moderate Crude Build, Products Draw

Feb 28, 2024 at 09:36 | Irina Slav

Crude oil prices went lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 4.2 million barrels for the week to February 23. This 

Short Sellers in Trouble As Physical Oil Market Defies Data

Feb 27, 2024 at 08:54 | ZeroHedge

Something odd is taking place in the oil market. While on one hand "data" dissembled by Biden's Dept of Energy and specifically its statistical arm, the Energy Information…

Red Sea Crisis and OPEC+ Cuts Support Oil Prices

Feb 26, 2024 at 12:07 | Tsvetana Paraskova

Brent Crude prices have held above $80 per barrel for most of February, with signs pointing to a tightening in the physical market as OPEC+ production cuts continue and the…

Red Sea Disruptions Spark Oil Tanker Shortfall

Feb 26, 2024 at 08:48 | ZeroHedge

The Red Sea shipping crisis has been an explosive mess for the international shipping community and the global economy. With oil tankers increasingly steering clear of the southern…

U.S. Oil Drilling Sees 6-Rig Gain

Feb 23, 2024 at 12:12 | Julianne Geiger

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total…

How the Western Hemisphere Became The Driver of Oil Production Growth

Feb 23, 2024 at 10:27 | Tsvetana Paraskova

For decades, the Eastern Hemisphere had been the biggest driver of global oil production growth. Until a decade ago, when the Middle Eastern oil producers – bound by the OPEC…

Oil Industry Thinks OPEC+ Will Extend Production Cuts Into Q2

Feb 23, 2024 at 10:24 | Julianne Geiger

Oil industry watchers and analysts are betting on OPEC+ extending its oil production cuts beyond the first quarter of 2024 into the next quarter, a new Bloomberg survey revealed on…

Canada Oil Faces Fresh Pipeline Shortage

Feb 23, 2024 at 08:57 | Irina Slav

For years, Canadian oil producers have been struggling with insufficient pipeline capacity to take their products to buyers. Anti-pipeline policies have been a big reason for that, along with environmental…

The Top 10 Producers Leading A Global Shale Bonanza

Feb 23, 2024 at 07:56 | Robert Rapier

The U.S. is the global leader in the production of natural gas and oil derived from shale formations. However, there are other countries with significant quantities of technically…

EIA Confirms Crude Build, Surprises with Products Draw

Feb 22, 2024 at 10:10 | Irina Slav

Crude oil prices moved slightly higher today, after the Energy Information Administration reported an inventory increase of 3.5 million barrels for the week to February 16. This followed 

Venezuela’s Oil Output Could See Moderate Boost

Feb 21, 2024 at 08:41 | Cyril Widdershoven

Economic history dictates that the last leg of any battle against high inflation is the hardest, and so it is proving in the United States. Consumer price inflation remains sticky,…

The Oil Market Is Tightening to 2016 Levels

Feb 19, 2024 at 15:56 | Alex Kimani

Last week, the International Energy Agency reported that global oil demand growth is losing momentum, with demand growth clocking in at 1.4 mb/d in January, down from 2.8…

U.S. Drillers Pump The Brakes

Feb 16, 2024 at 12:16 | Julianne Geiger

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total…

Will OPEC Increase Production?

Feb 16, 2024 at 09:40 | Editorial Dept

Numbers Report – February 16, 2024 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week…

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