OPEC+ Prepares to Stop Raising Oil Output Targets
OPEC+ is preparing to approve one more production increase for September and then put the monthly quota parade on hold through the end of the year.
Industry News
World-First Floating Wind Technology to Help Power Oil Rigs
China National Offshore Oil Corporation (CNOOC) has deployed what it describes as the world's first 16-megawatt tension-leg platform (TLP) floating offshore wind turbine, which set sail from Zhuhai in Guangdong Province at the end of June bound for the Lufeng…
US Oil Drillers Take A Break As Oil Prices Hover Near $100
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, bringing the total rig count in the US to 587, up 45…
U.S. Sale Of Venezuela’s Oil Hits $13 Billion Since Trump’s Takeover
President Donald Trump revealed on Monday that sales of Venezuela’s oil by his administration have generated more than $13 billion since the capture of former President Nicolás Maduro on January 3, claiming that the revenue has effectively “paid for that…
Oil Prices Set for Biggest Weekly Surge Since April as Iran War Escalates
Crude oil markets are on course for their sharpest weekly gain since April, with prices climbing roughly 12% as renewed hostilities between the United States and Iran disrupted flows through the Strait of Hormuz and rekindled fears over Middle Eastern…
Hormuz Tanker Crossings Sink to Lowest Level Since May as War Risk Spikes
Only one oil tanker transited the Strait of Hormuz on Thursday, the lowest number of crossings since May 7, as war risks spiked this week to hike crude oil prices above $100 per barrel again.