Oil

A year ago. in the enduring twilight of one of St. Petersburg’s famous white nights of summer. Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.

West Texas Intermediate crude entered a bear market and Brent tumbled below $60 after U.S. petroleum inventories ballooned. raising fears of a glut as trade disputes threaten demand.

Canadian oil sands production is set to enter a period of slower annual production growth compared to previous years.

The Wyoming State Geological Survey (WSGS) completed its 2019 update to the Interactive Oil and Gas Map of Wyoming.

Wells drilled horizontally into tight oil and shale gas formations continue to account for an increasing share of crude oil and natural gas production in the United States.

PJSC Lukoil concludes an agreement with New Age M12 Holdings Limited to acquire a 25% interest in the Marine XII license in the Republic of Congo for $800 million in cash.

OPEC. together with its allies. has been withholding production since the start of the year to prop up the market.

Other energy prices. like coal and gas. are also being hit hard by the downturn.

The group'.s total output declined by 1.3% last year.

Iran is due to offer a large cargo of condensate to domestic buyers through its energy bourse on Monday. in a direct sale to bypass the US unilateral sanctions.