Tag Archives: Rigzone

Oil posted its biggest weekly drop in 11 months as a weak US jobs report added to concerns about tepid demand in the world’s largest consumer of crude. West Texas Intermediate fell 2.1% to settle at $67.67 a barrel, cementing the biggest weekly plunge since October 2023. While the US …

Saudi Arabian Oil Co. (Aramco) is partnering with a Saudi-based research university and investing millions of dollars in future projects. The national oil company signed a memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to support research that aims to deliver environmental and commercial benefits, …

Libya’s National Oil Corp. (NOC) said Sunday it is working on increasing the production capacity of the Mellitah oil and gas processing complex by 30,000 barrels per day (bpd), days after declaring force majeure on the Sharara field. Work is also ongoing for a marine facility that will transport about …

Russia plans to make extra crude production cuts to compensate for pumping above its OPEC+ quota in the warm seasons of this year and next, according to people with knowledge of the matter. Moscow’s additional curbs will most likely happen in summer and early fall for technological reasons, said the …

North America added 13 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on July 12. Although the U.S. dropped one rig week on week, Canada added 14 during the same period, taking the total North America rig count up to 773, comprising 584 …

In its effort to shore up global oil markets, OPEC+ is pushing members to atone for cheating on their supply quotas. Yet there’s little indication that they’re repenting. Iraq and Kazakhstan — members of the OPEC+ coalition that is paring crude output to defend prices — have pledged extra curbs …

The volume of natural gas imported into the European Union fell by over 11 percent in the first quarter of 2024 compared to the same three-month period a year ago, while the value was more than halved, official figures showed. “The significant decrease in value reflected the declining prices of …

Construction of one of the world’s biggest wind farms in Egypt will begin by March 2026, a company involved said, as grueling power cuts during a broiling summer highlight the North African nation’s energy needs. The onshore megaproject that will cost more than $10 billion will begin generating electricity in …

The European Union is proposing to sanction Russia’s oil-shipping giant Sovcomflot PJSC in a move to limit the Kremlin’s ability to finance its war against Ukraine, according to a document seen by Bloomberg. State-owned Sovcomflot, the largest shipping company in Russia, has been one of the key companies helping to …

China is taking advantage of lower international prices for coal and natural gas to replenish stockpiles of power fuels ahead of another long, hot summer. Gas imports through the end of April jumped 21 percent from the previous year, while coal purchases climbed 13 percent. The increase in coal in …