US Oil Drilling Picks Up As Brent Gains 4%
US oil and gas drilling activity edged higher over the past week, coinciding with a sharp rally in crude prices, according to figures released by Baker Hughes on Friday.
Brief
Uruguay’s Offshore Oil Province Could Be Bigger Than Vaca Muerta
International oil companies are lining up to explore deepwater acreage offshore Uruguay, betting that the South Atlantic margin could host a substantial new oil province mirroring recent finds off Namibia.
Oil Markets Ignore Mounting Risks at Their Own Peril
Escalating hostilities between the United States and Iran have pushed global crude benchmarks sharply higher, with tanker traffic through the Strait of Hormuz falling to near-zero levels and analysts warning that markets may be underestimating the severity of the disruption.
Big Oil’s War-Related Profits Anger Governments
Oil and gas supermajors are on course to post markedly higher second-quarter earnings, and the windfall is drawing political fire on both sides of the Atlantic, according to a report by OilPrice.com.
Baghdad Bets on Syria and Turkey Pipelines to Secure Oil Exports
Iraq is moving to build a westbound crude export network that would channel oil from its southern fields to the Mediterranean, reducing its reliance on the Strait of Hormuz.
U.S. LNG Exporter Reaps Windfall as Middle East Turmoil Drives Fees Higher
US liquefied natural gas producer Venture Global has recorded a sharp jump in the fees it charges for turning natural gas into LNG, a gain the company links to supply disruptions in the Middle East arising from regional conflict.