Oil posted a second straight weekly gain after supply curbs from OPEC+ leaders Saudi Arabia and Russia were extended for the rest of the year.
'The latest action from Saudi Arabia, if it drives the oil price to $100 per barrel or higher, must indeed lead to political heat from the U.S.'.
Oil prices dropped after a nine-session rally — driven by renewed production cuts from leaders of the OPEC+ alliance — propelled futures into overbought territory.
'Four tropical storms formed within a 39-hour timeframe from August 20-22, followed by another two systems in the last week of the month'.
'The decisions surprised oil markets, and prices reacted strongly and suddenly following the announcements'.
'Around 133,000 of these were direct and indirect jobs'.
Oil settled at nine-month highs as investors digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs through the end of the year.
Congress is poised to sell off a 1 million barrel emergency cache of gasoline created in the aftermath of Hurricane Sandy.
The Electric Reliability Council of Texas has issued a weather watch from September 6 to September 8.
Group of 20 nations will aim to triple renewable energy capacity by 2030 though also offered support to technology that can sustain the use of fossil fuels.
'We expect OPEC+ to be in solid control of the global oil market over the next couple of years'.
Brent oil rose above $90 a barrel for the first time since November as the largest OPEC+ producers extended their supply cuts to year-end.
Saudi Arabia and Russia prolonged their unilateral oil supply curbs by another three months.
'Despite some softening in recent months, oilfield labor output is up sharply year on year'.
China accounted for 44 GW of the world's 69.5 GW of wind turbine order demand during the first half of 2023.
Direct emissions were three percent lower than a year earlier.
'Nine months into implementation, the cap is working'.
One of Rigzone's regular market watchers takes a look at Iran's oil production, the state of U.S. crude stockpiles, OPEC plans, the oil price and more.
Brent oil futures have already surged by almost a quarter since late June .
Artificial Intelligence (AI) can do many things, but can it predict the oil price?
Prime Minister Justin Trudeau's government plans to unveil its proposal to cap oil and gas emissions this fall.
Oil prices surged above $85 as a monthslong effort by OPEC+ to reduce supplies gripped the physical market and China showed a new resolve to bolster its economy, a key engine of global crude consu ...
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 10.6 million barrels.
'We continue to work day and night to restore power safely and as quickly as possible'.
The increase in Iranian shipments to the highest this year comes in the same month that key OPEC+ producers kept a lid on their own oil exports.
Oil rose for a sixth session, buoyed by risk-on sentiment and news that Russia had agreed on further OPEC+ cuts.
Two lease areas offered did not receive bids.
'Low volatility coupled with difficulty in sustaining downwards momentum often signals an impending upside break'.
This is the first time European majors send naphtha to Venezuela since the USA imposed sanctions on PDVSA in 2019.
Oil edged up in a thinly traded summer session, settling above $81 a barrel, as the market took a substantial drop in US crude stockpiles in stride.
Hurricane Idalia came ashore as a Category 3 storm earlier Wednesday.
Hurricane Idalia in the Gulf of Mexico is getting stronger, according to the U.S. National Hurricane Center.
Skirmishes have taken place between maritime and air forces around strategically important gas and oil platforms between Crimea and Odesa, according to the UK Ministry of Defense.
Hundreds of passengers on a P&O cruise ship that crashed into an oil tanker during a storm in Spain have been flown home.
Oil rose, bolstered by equities in a choppy session, as traders weighed additional Russian supplies against further Chinese economic stimulus.
North America dropped nine rigs week on week, according to Baker Hughes.
Hurricane Idalia is set to intensify into an 'extremely dangerous' major storm.
BMI, a Fitch Solutions company, has revealed its latest global average jet fuel price forecasts out to 2027.
In its latest oil market report, the IEA pegged total OPEC+ crude oil production, excluding condensates, at 42.46 million barrels per day in July.
Oil edged up alongside equities as thin summer trading left the commodity to follow broader markets.
The BOEM is accused of unlawfully imposing 'severe restrictions on oil and natural gas vessel traffic' and 'significantly reduced acreage'.
The government rejected a plan submitted by a Chevron-led consortium to develop the Aphrodite gas field.
For world oil markets, a pact is already taking effect.
Oil posted its second straight weekly decline as signals of additional crude supplies and a deteriorating global demand outlook loomed over a string of thinly traded sessions.