Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/LEDZM5GM3ZKNVMXCRNUUHHYYDE.jpg)
Exclusive: Shell pivots back to oil to win over investors -sources
[1/2] A Shell logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 23, 2022. REUTERS/Denis Balibouse CEO to scrap annual oil output cut after meeting goal early CEO to update investors…
Windfall tax: tinkering will not pour oil on troubled North Sea waters
It should reduce downside risk for the E&P and for lenders, but its impact may end up being marginal Receive free Oil & Gas industry updates We'll send you a myFT Daily Digest email rounding up the latest Oil & Gas industry news every morning.
Hedge Funds Pile Into Bullish Oil Wagers Amid Saudi's Surprise Oil Cut
Saudi Arabia's surprise move to cut 1 million barrels a day of its own output has emboldened markets bulls, while the kingdom's ominous warning on short-selling seems to have sent some bears into hiding. Hedge funds boosted bullish bets on Brent…
/cloudfront-us-east-2.images.arcpublishing.com/reuters/FPYFJAEKNVKTZDAHPIRDYV5GOM.jpg)
Inside OPEC+, Saudi 'lollipop' oil cut was a surprise too
Riyadh shared little or no detail prior to meeting - sources Second Saudi surprise for oil market since April OPEC+ members had little appetite for joint cut Saudi used the opportunity to fix quotas issue LONDON, June 9 (Reuters) - Saudi Arabia…
:focal(4176x1392:0x0)/cloudfront-us-east-2.images.arcpublishing.com/reuters/TQ5VU5LTNRKKXCBTIXTTH6M4TI.jpg)
US drillers cut oil and gas rigs for sixth week in a row - Baker Hughes
June 9 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since July 2020, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on…
/cloudfront-us-east-2.images.arcpublishing.com/reuters/EKUVAEIBDJOZLC735BT3U7JBWU.jpg)
US buys 3 mln bbls for oil stockpile, announces plan for 3 mln more
WASHINGTON, June 9 (Reuters) - The U.S. Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel.
Oil futures edge higher, set for mixed weekly performance
Oil futures rose slightly early Friday, leaving crude on track for a mixed weekly performance as traders weigh an additional production cut by Saudi Arabia against uncertainty over the outlook for demand. Oil prices spiked higher to begin the week…
/cloudfront-us-east-2.images.arcpublishing.com/reuters/6LPD4Q4TWZKJPM5H3EZZADIT4M.jpg)
Oil market yawned over Saudi cut as economic concerns cap prices -Chevron exec
Economic malaise weighing on prices, but oil market tight Pick up in China demand could quickly change market Gas not just a transition fuel in some markets NEW YORK, June 8 (Reuters) - Concern about the global economy dampened the oil market's…
/cloudfront-us-east-2.images.arcpublishing.com/reuters/YD54QIAONVM2DB5FUCYOPC44A4.jpg)
Oil prices fall on demand fears, headed for second weekly loss
TOKYO, June 9 (Reuters) - Oil prices fell in early Asia trade on Friday as demand concerns outweighed the prospect of tighter supply from global producers while investors remained sceptical that the United States and Iran could strike a nuclear…
U.S. oil futures fall for the session, lose more than 2% for the week
Oil futures declined on Friday to tally a loss of more than 2% for the week. Prices had started the week moving higher after Saudi Arabia said it would cut output by an additional 1 million barrels per day in July. However, “traders faded…
Saudi Arabia's Scorching Summer May Be Next Catalyst to Lift Oil, Macquarie Says
Saudi Arabia may push more crude oil into power generation as it faces sizzling summer temperatures, providing the demand boost that bulls have been waiting for. The use of crude oil in power generation may rise to as high as 800,000 barrels a day…
UK government sets price floor for oil and gas windfall tax
Rate of 75% will fall to pre-crisis level if prices decline Receive free UK Government updates We'll send you a myFT Daily Digest email rounding up the latest UK Government news every morning. The UK government has introduced a price floor for the…
Nikki Haley tours a 'beautiful' oil rig in West Texas
I'm with Nikki. Oil drilling rigs are beautiful. She is right about Joe Biden demonizing American energy. He said when he (barely) campaigned in 2019 and 2020 that he would put a stop to producing fossil fuels and he's done all he can to keep his…
Tenaris Stock: A Solid Option In The Oil And Gas Industry (NYSE:TS)
Tenaris S.A. has experienced rapid revenue growth, with net sales increasing 75% YoY to reach $4.4 billion. The company has a strong financial position, with a solid balance sheet and substantial cash flows, making it an attractive investment…
OPEC Cuts to Push Oil Prices Into $90 Range This Year, Goldman's Currie Says
The latest OPEC production cuts will prompt a draw in oil inventories, sending prices into the low $90s, Goldman Sachs Group Inc.'s Global Head of Commodities Research Jeffrey Currie said in a Bloomberg TV interview. “You're going to be…
Receive a Daily briefing on Oil Industry News
Get Started