Oil

Oil supermajors Chevron and BP have evacuated personnel and shut in production at some of their platforms in the Gulf of Mexico as Hurricane Ian advances to the west coast of Florida, in the first shut-in of U.S. offshore oil and gas output this hurricane season. U.S. supermajor Chevron said …

The Organization of Petroleum Exporting Countries (OPEC) and its allies can salvage the oil prices by reducing the output, expert Mohammad al-Husni said on Monday. “OPEC+ can control the prices if they agree on a huge cut on production in their October 5 meeting,” al-Husni told Shafaq News Agency. “A …

Oil prices stabilized Monday, rebounding after earlier falling to the lowest levels in nine months, after doubts emerged about the possibility of the EU imposing a price cap on Russian oil. By 09:20 ET (13:20 GMT), U.S. crude futures traded 1.1% higher at $79.62 a barrel, while the Brent contract …

The number of total active drilling rigs in the United States rose by 1 this week, according to new data from Baker Hughes published on Friday. The total rig count rose to 764 this week—243 rigs higher than the rig count this time in 2021. Oil rigs in the United …

Oil prices rose early on Wednesday in Europe in subdued and choppy trade as the markets expect the Fed’s interest rate decision in the early afternoon ET. As of 2:30 a.m. ET, the U.S. benchmark WTI Crude was up by 1.04% at $84.78. Brent Crude, the international benchmark, traded 1.09% …

Oil prices steadied on Tuesday after rising in the previous session on concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world’s biggest oil consumer. Brent crude futures for November settlement rose 3 cents to $92.03 a barrel …

Oil advanced at the start of the week as the Chinese city of Chengdu ended a two-week lockdown, boosting the outlook for demand. West Texas Intermediate rose to trade near $86 a barrel in Asian trading after posting a third weekly loss on Friday. Chengdu is the biggest city to …

Kuwait Petroleum Corporation’s (KPC) chief executive said on Sunday the Gulf state currently produces more than 2.8 million barrels per day of oil in accordance with its OPEC quota. Sheikh Nawaf Saud al-Sabah also said Kuwait has plans to increase crude oil production whenever the market needs it, but currently …

Angola and Libya have overtaken Nigeria as Africa’s highest crude oil producers, a report by the Organisation of the Petroleum Exporting Countries (OPEC) said. The monthly OPEC report showed an increase in oil production by ten countries last August, led by Libya, Saudi Arabia and Kuwait as Libyan production reached …

Oil prices rose on Friday, Sept. 16, but declined for the third consecutive week amid recession concerns. Crude prices were driven by China’s data that reflected the success of stimulus measures in supporting the economy to face the repercussions of COVID-19, as retail sales and industrial production rose more than …