The total number of active drilling rigs in the United States fell by 4 this week, after falling 7 last week, according to new data from Baker Hughes published Friday.
President Biden has once again reduced oil and gas leasing after focusing on ramping up production from exciting oilfields in the last couple of years.
Low distillate inventories in the United States have tightened the diesel market during the harvest season and ahead of the winter heating season. Diesel and heating oil supply could become even tighter and pricier if U.S. manufacturing activity returns to growth soon.
Last week, OPEC+ decided to keep current oil production cuts in effect until the end of the year.
The Ministry of Energy said on Wednesday that Islamabad was ascertaining facts after Russia’s embassy in the country tweeted that Moscow had made its first Liquefied Petroleum Gas (LPG) delivery to Pakistan.
In keeping with its commitment to local content participation in the oil and gas sector, Tullow has partnered with the Upstream Petroleum Business Academy of the Petroleum Commission (PC), to deliver training to local suppliers in Ghana.
The British government approved the development of a huge oil and gas field in the North Sea Wednesday, sealing its commitment to keep producing fossil fuels for decades to come.
Egypt has awarded four exploration areas to international oil companies just as the North African nation unveiled a new licensing competition.
The National Iranian Oil Company (NIOC) has revealed that the country has around US$50 billion in oil and gas and related projects now underway, with more to come.
Russia’s temporary ban on diesel and gasoline exports—while intended to address domestic shortages and soaring prices—could exacerbate an already tight global diesel market and drive crude and middle distillate prices higher ahead of the winter.