Crude Oil Ends May with a Thud  | Rigzone
by  Matthew V. Veazey | Rigzone Staff | Friday, May 31, 2019 The July WTI and August Brent contracts each lost more than $3 Friday. West Texas Intermediate (WTI) crude oil for July delivery plunged again Friday, losing $3.09 to settle at $53.50. The WTI traded within a range from $53.10 to $56.61. The August
Saudi King Says Iran Threatening Global Oil Supplies  | Rigzone
by  Bloomberg | Samer Khalil Al-Atrush | Friday, May 31, 2019 Tensions have spiked in the Gulf since the U.S. tightened sanctions on Iran’s oil exports in early May. (Bloomberg) — Saudi King Salman Bin Abdulaziz accused Iran of threatening global oil supplies and shipping at a meeting of Arab leaders that called on the
US Dropping Iranian Oil Sanction Waivers  | Rigzone
by  Nicholas Newman | Rigzone Contributor | Friday, May 31, 2019 The temporary sanction waivers for eight countries importing Iranian crude is set to end this month. The U.S. government’s announcement that the temporary sanction waivers for eight countries importing Iranian crude, announced in November, will end after May with the avowed intention “to bring
Is There Really a Global Shortage of Crude?  | Rigzone
by  Bloomberg | Julian Lee | Friday, May 31, 2019 There’s certainly no shortage of light crude, but the picture is very different for the medium and heavies. (Bloomberg) — From Russia to Saudi Arabia, Iran to Venezuela, the list of crude oil supplies being curtailed or disrupted around the world is growing longer by
US Drillers Add Three Rigs  | Rigzone
by  Valerie Jones | Rigzone Staff | Friday, May 31, 2019 The U.S. added three oil rigs and lost two gas rigs for a net gain of one rig this week. Following three consecutive weeks of declines, the U.S. added three oil rigs this week. This was offset by a decline of two gas rigs
API Unveils Drone Usage Guide  | Rigzone
by  Matthew V. Veazey | Rigzone Staff | Friday, May 31, 2019 The oil and gas industry’s list of UAS applications is growing. The presence of unmanned aerial systems (UAS), also known as “drones,” is expanding within the oil and gas industry. Seeking to promote worker and operational safety as the industry’s list of UAS
Oil Heads for Biggest Monthly Slump This Year  | Rigzone
by  Bloomberg | Grant Smith | Friday, May 31, 2019 Oil’s pullback this month illustrates that the supply issues that have preoccupied crude markets are giving way to concerns about demand. (Bloomberg) — Oil headed for its biggest monthly slump this year as fears that the U.S.-China trade war will hurt demand overshadowed concern over
Big Oil to Permian Strugglers: No Bailouts  | Rigzone
by  Bloomberg | Kevin Crowley | Thursday, May 30, 2019 Big Oil probably won’t be buying up the Permian Basin’s struggling independent drillers any time soon. (Bloomberg) — Big Oil probably won’t be buying up the Permian Basin’s struggling independent drillers any time soon. Years of costly exploration and frantic buying sprees have gutted shareholder
Oil Set for Year's Worst Month  | Rigzone
by  Bloomberg | Alex Nussbaum | Thursday, May 30, 2019 Oil was on track for its worst monthly loss this year after a smaller-than-expected withdrawal from U.S. storage facilities fueled worries about weakening demand. (Bloomberg) — Oil was on track for its worst monthly loss this year after a smaller-than-expected withdrawal from U.S. storage facilities
Icahn Sues Oxy, Threatens Fight for Sale  | Rigzone
by  Bloomberg | Scott Deveau and Michael Leonard | Thursday, May 30, 2019 Icahn said in the filing he believes Oxy’s board and management “are in far over their heads [and] have made numerous blunders in recent months….” (Bloomberg) — Activist investor Carl Icahn launched a lawsuit against Occidental Petroleum Corp. with the goal of