Oil

The Organization of the Petroleum Exporting Countries and its allies, including Russia, are expected to meet by videoconference on Thursday to consider a potential but by no means certain production increase of as much as 1.5 million barrels a day. Analysts say the combined group, called OPEC Plus, could increase …

The greening of the American oil industry has gone into overdrive. Dan Yergin, IHS Markit vice chairman, said it’s an important turning point for the oil and gas sector, which has been anticipating big changes with President Joe Biden’s climate-focused, clean energy policies. “The oil and gas industry is calibrating …

China’s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said. The build-up follows a push by Beijing to buy up crude for its reserves last …

Oil prices will rally faster and sharper than previously expected as demand outstrips supply increases from OPEC+, Iran and U.S. shale, according to Goldman Sachs Group Inc. A reopening of the global economy will help demand return to pre-COVID-19 levels, but inventories remaining tight into the summer will cause West …

CNOOC Limited announced Monday that the company has made a “large sized” oil and gas discovery at the Bozhong 13-2 asset in Bohai Bay. Discovery well BZ13-2-2 was drilled and completed at a depth of 17,135 feet and encountered oil pay zones with a total thickness of approximately 1,135 feet, …

The number of rotary drilling rigs operating in the United States remained flat this week, Baker Hughes Co. reported Friday. Against figures from a week ago, the latest 397-rig U.S. count reflects a one-unit drop in oil rigs (to 305) and a one-unit increase in gas rigs (to 90). Baker …

An anomalous cold snap disrupted well operations across the central United States, prompting total US oil production to contract by approximately 40 percent, with crude output dropping by more than 4 million barrels a day nationwide, according to traders and industry executives cited by Bloomberg. US crude prices soared to …

Oil prices jumped on Tuesday due to weather affecting wells and refineries in Texas, the world’s biggest oil producer. Concerns of supply in the world’s biggest oil exporter also edged prices higher due to tensions in the Middle East. Brent crude was up 35 cents, or 0.6%, at $63.65 a …

Last week, the US Energy Information Administration said it expected Brent crude oil prices to average $56 per barrel in the first quarter and $52 over the rest of the year. US West Texas Intermediate futures surged by 2.5 percent Monday, higher than $60 per barrel for the first time …

The International Energy Agency warned on Thursday the world oil market remains fragile, despite a recent recovery in prices, as tighter restrictions are imposed to curb more contagious coronavirus variants. At the same time, the IEA said the economic outlook was brighter overall, especially in the second half of this …