Nearly two years ago, British oil and gas supermajor BP Plc (NYS:BP) announced that the North Sea crude price Dated Brent, the company’s most important pricing benchmark, was experiencing “regular dislocations.”
The Department of Energy has canceled its offer for the purchase of 6 million barrels for the strategic petroleum reserve amid the latest surge in oil prices.
US energy firms last week cut the number of oil and natural gas rigs operating for the 10th time in 11 weeks, Baker Hughes said in its latest report.
The rig count, an early indicator of future output, fell by five to 675 in the week ended July 14.
The energy services firm said that puts the total count down by 81 rigs, or 11 percent, below this time last year.
The total number of total active drilling rigs in the United States fell by 5 this week, after a 6-rig increase last week, according to new data from Baker Hughes published Friday.
Concerned about energy security, Europe and China are in an intensifying competition to sign long-term supply deals with U.S. LNG developers and exporters.
The Nigerian government and the United States of America on Monday expressed their willingness to strengthen partnership in Nigeria’s energy sector.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a seventh week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
U.S. crude oil production could gain 720,000 barrels daily this year, up from a previously forecast growth rate of 640,000 bpd, according to the latest edition of the Energy Information Administration’s Short-Term Energy Outlook.
LNG exports out of the United States fell in May to 7.66 million tonnes, according to shipping data cited by Reuters. That’s a 0.35 million tonne dropoff from the previous month.
The United States has renewed a license that will extend the authorization to select oilfield services companies to keep assets in Venezuela. The license does not allow the companies to drill, process, or handle Venezuelan-derived crude oil, Reuters reported on Tuesday.