Oil Flat as OPEC Supply Offsets Economic Gains  | Rigzone
(Bloomberg) — Oil held near $41 a barrel in New York after the biggest gain in two weeks as investors weighed additional OPEC supply hitting the market against signs of an economic recovery across major economies. OPEC’s crude output rose last month led by Saudi Arabia ahead of the group and its allies relaxing its historic cuts
Oil Prices Rise Amid Recovery Signs  | Rigzone
(Bloomberg) — Oil rose the most in nearly two weeks, tracking a move in stronger equities, as economic data from the U.S. to Europe and Asia signaled a flicker of life in languishing demand. U.S. manufacturing expanded in July at the fastest pace since March 2019, while factories across the euro area posted their first expansion in one-and-a-half years.
Crisis Presents BP CEO With Chance to Change  | Rigzone
(Bloomberg) — As Bernard Looney took to the stage in London in February to announce his plan to transform BP Plc for a low-carbon future, the U.K. capital confirmed its first case of Covid-19. The oil giant’s chief executive officer couldn’t have known how the virus would shake the foundations of his industry: since the
Oil Dips as OPEC+ Starts to Unwind Cuts  | Rigzone
(Bloomberg) — Oil edged below $40 a barrel in New York as OPEC and allied producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus. OPEC+ will pump about 1.5 million barrels more this month than in July as it starts to unwind its historic virus-driven
Libya NOC Calls for Demilitarization of Oil Assets  | Rigzone
Libya’s National Oil Corporation (NOC) has called for the “demilitarization” of oil facilities “so that its workers can carry out their work without putting their lives in danger”. “Their safety as well as the security of oil facilities must remain paramount,” NOC said in a statement posted on its website last week. NOC said it
Oil Prices Up for the Month  | Rigzone
(Bloomberg) — Oil posted a gain in July, boosted by a steadily weakening dollar and OPEC’s restraint on production. Deep crude output curbs by the Organization of Petroleum Exporting Countries and its allies have helped futures rebound from their plunge below zero in April, yet the unprecedented cuts are set to ease in a matter
Oil Inventory Data Prompt Reminiscing  | Rigzone
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.) Recent crude inventory figures from the U.S. Energy Information Administration (EIA) have left at least one informed market-watcher with a case of nostalgia. Find out why this regular Rigzone
SLB Cutting Thousands of Jobs  | Rigzone
Here are some of Rigzone’s top stories during the last week, just in case you missed them… Schlumberger Job Cuts to Top 21,000 Bloomberg reported that Schlumberger is cutting one-fifth of its workforce. The company employed 105,000 people as of the end of last year. Read full article here Frac is Back U.S. fracking is
Oil Set for 3rd Monthly Gain  | Rigzone
(Bloomberg) — Oil is set for a third monthly advance in New York before OPEC+ starts returning supply to the market after historic cuts, with the pandemic still raging unabated across many major economies. Deep production curbs by OPEC and its allies have helped oil rebound from its plunge below zero in April, but it’s a precarious
Light Crude Closes Below $40  | Rigzone
(Bloomberg) — Oil cratered the most in more than a month after data showed the U.S. economy had its worst contraction on record, with demand expected to languish as millions of Americans remain out of work. U.S. benchmark crude futures tumbled 3.3%, closing at the lowest level in three weeks. Equities in the U.S., Europe