Oil

The global oil market was tight even before the Russian invasion of Ukraine, but Putin’s war and its consequences on Russian crude supply and energy prices have the potential to hurl the market into a major supply shock comparable with the 1973 Arab oil embargo. Oil stocks in major oil-consuming …

The number of total active drilling rigs in the United States rose by 13 this week as WTI trades near $109 per barrel. The total rig count rose to 663 this week, while U.S. producers continue to prioritize fiscal discipline over risky investments to boost oil production. Baker Hughes reported …

With WTI at over $107 per barrel, and Brent at $111, energy stocks are setting record highs and buybacks are in the air. Bloomberg reports that a minimum of 21 major North American energy companies engaged in stock buybacks in Q4 2021, and that buybacks continue to gain significant momentum …

Global share markets fell on Tuesday as oil prices climbed yet further, driven by the United States banning Russian oil and other energy imports over Moscow’s invasion of Ukraine. U.S. President Joe Biden made the announcement on Tuesday, while Britain said it would phase out imports of Russian oil and …

Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports. “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy …

The U.S. and its European allies are discussing a possible ban of Russian oil imports to tighten the economic squeeze on President Vladimir Putin over the war in Ukraine, Secretary of State Antony Blinken said. President Joe Biden’s administration, wary of pushing up energy prices for Americans, faced further pressure …

It could take months before any large quantities of Iranian oil hit the markets if a nuclear deal is reached and sanctions lifted, a Reuters analysis said on Friday. With oil prices hitting almost $120 this week, market watchers await the outcome of indirect talks between the United States and …

International Energy Agency (IEA) member countries have committed to release 61.7 million barrels of oil reserves as of Friday as part of the emergency stock release announced by the agency on Tuesday. The amount exceeds the 60 million barrels of oil that IEA countries had pledged to release from emergency …

The United States and other member states of the International Energy Agency (IEA) on Tuesday agreed to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion of Ukraine. Russian oil trade is in disarray after many nations imposed sanctions on Russian companies, banks and …

The number of active drilling rigs in the United States rose by 5 this week—the 18th straight weekly increase to the number of oil and gas rigs in the United States. The total rig count now has now reached 650, as the world watches for any signs of increased output …