-Nearly a fifth of crude oil production and 28% of natural gas output in U.S. Gulf of Mexico federal waters remains offline in the aftermath of Hurricane Francine, the U.S. offshore energy regulator said on Sunday.
Transocean has been awarded a USD 232-million contract from BP for the Deepwater Atlas drillship to carry out works in the US Gulf of Mexico, the company said on Wednesday.
Crude oil exports from Libya’s major ports have been shut for a week in the latest case of major unrest in the country, an OPEC member that pumps about 1% of world oil output
Oil futures jumped by about 1% on Monday as a potential hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of the previous week’s heavy losses.
The US Department of Interior (DOI) has approved the Maryland Offshore Wind Project, the nation’s tenth commercial-scale offshore wind energy project approved under the current administration.
The U.S. federal government is considering ways of squeezing Iranian oil exports amid heightened Middle East tension following Tehran’s vow to avenge the death of Hamas leader Ismail Haniyeh.
U.S. energy firms this week added oil and natural gas rigs for the third time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday.
An environmental group on Thursday sued the U.S. government over its approach to examining the harm caused by ageing offshore oil and gas infrastructure, citing the risks delayed decommissioning poses to people and the environment.
All eyes are fixed on US inflation data as crude oil prices have maintained their hot streak and are set to end this week with a third weekly gain. Surging geopolitical tensions around Israel and Lebanon have overshadowed slackening economic data from the US in May, with every single day this week posting a day-on-day increase and Brent set to finish the week at $87 per barrel.
Traders’ pessimism in the global oil market began to increase after OPEC reiterated it might consider rolling back production cuts in 2024.
Rystad Energy recently predicted that global oil supply growth will be virtually non-existent this year because of the OPEC+ cuts without mentioning spare capacity.
Crude prices have recovered in recent days, but the supply side looks bearish due to OPEC+’s spare capacity and rising production from the US, Guyana, and Brazil.