Baker Hughes Co. (NYSE: BKR) on Friday reported the total number of rotary drilling rigs operating in the United States hit 439 this week – a seven-unit week-on-week increase. The most recent U.S. rig count reflects a seven-unit increase in oil rigs (to 344), a one-unit increase in gas rigs (to 94), and a one-unit
In this article SHLX Electric vehicles will play a critical role in Royal Dutch Shell‘s efforts to cut emissions, according to a senior executive at the oil giant. “If you look at the decarbonization opportunities of this mobility sector, EV plays a crucial role,” said Huibert Vigeveno, downstream director at Shell, adding that the company intends
(Bloomberg) — Oil posted the biggest weekly gain since early March as signs emerged of a recovery from the pandemic gaining traction in the U.S. and China. Futures in New York advanced 6.4% this week, despite eking out a small loss on Friday. On the heels of robust economic figures out of the U.S., data
A derek pumps in an oil field in Kuwait near the Saudi Arabian border. Joe Raedle | Getty Images LONDON — The price of oil could plunge to as little as $10 a barrel by 2050 if the world succeeds in electrifying the energy market and meeting Paris Agreement goals, a consultancy said on Thursday.
(Bloomberg) — Oil extended its climb out of a month-long trading range with further signs of an accelerating rebound taking shape in the U.S. Futures in New York inched up alongside a broader market rally, wiht prices trading at a one-month high. U.S. jobless claims fell to a new pandemic-era low, while retail sales in the country
(Bloomberg) — Oil surged to the highest level in a month — breaking out of a weeks-long holding pattern — as shrinking crude stockpiles in the U.S. supported hopes for a global demand recovery. Futures rose 4.9% in New York, the most since late March, after trading in a $5 range for weeks. U.S. crude
Electricity pylons are seen in front of the cooling towers of the coal-fired power station of German energy giant RWE in Weisweiler, western Germany, on January 26, 2021. INA FASSBENDER | AFP | Getty Images LONDON — The world’s dependency on fossil fuels is likely to get even worse in the coming decades, exacerbating the
(Bloomberg) — Oil closed at the highest in over a week after OPEC boosted its expectation for this year’s demand recovery, while signs continue to emerge of rising fuel consumption in parts of the world. Futures rose 0.8% in New York on Tuesday, settling above $60 a barrel for the first time since early April.
(Bloomberg) — Oil pared gains with prices struggling to break out of its recent trading range as the market considers the jagged outlook for global fuel consumption. Futures in New York closed 0.6% higher on Monday after rising as much as 2.4% during the session. An uneven consumption outlook continues to hold oil prices back
(Bloomberg) — A U.S. Army Corps of Engineers official has told tribal advocates it doesn’t plan to announce a shutdown of Energy Transfer LP’s Dakota Access oil pipeline during a key court hearing planned for later on Friday. The official, Stacey Jensen, made the announcement during a call with pipeline opponents Thursday, said Dallas Goldtooth,
The U.S. rotary rig count increased by two to 432 drilling units this week, Baker Hughes Co. (NYSE: BKR) reported Friday. In its weekly count of operating rigs Baker Hughes noted that both additional U.S. drilling units are gas rigs, now totaling 93. The U.S. oil and miscellaneous rig tallies remained flat at 337 and
(Bloomberg) — Oil posted its worst week in three amid concerns that rising global coronavirus cases are slowing the economic recovery. West Texas Intermediate futures ended the week down 3.5%, the biggest weekly loss since mid-March. With the Organization of Petroleum Exporting Countries and its allies planning to start raising output, markets are now focused
(Bloomberg) — Oil closed lower, yet its underlying market structure firmed, as investors assessed the challenges to a global economic recovery. West Texas Intermediate crude futures slipped 0.3% on Thursday after a choppy session. Despite fluctuations in headline prices, the oil futures curve is showing strength. The premium on the nearest global benchmark Brent contract
(Bloomberg) — Oil edged higher alongside broader markets as reopening efforts gained traction in the U.S. and helped ease concerns over virus-related setbacks elsewhere. Futures in New York gained for a second straight session after choppy trading on Wednesday. New York City beaches will open for Memorial Day weekend, highlighting the progress major cities in
(Bloomberg) — Oil rose as a brighter economic growth outlook and calls for a summer travel pickup eased concerns around the impact of a resurgent coronavirus. Futures in New York closed 1.2% higher on Tuesday after easing off session highs as U.S. equities weakened. Oil prices remained supported by the International Monetary Fund’s stronger global growth forecast
(Bloomberg) — Oil plunged the most in nearly two weeks as growing delays in Europe’s reopening and looming Iranian supply dampened hopes for a swift decline in global inventories. Futures in New York slumped 4.6% on Monday, sending prices to the lowest in more than a week and markedly below U.S. crude’s 50-day moving average.
OPEC announced that it has welcomed two new initiatives by the Kingdom of Saudi Arabia that aim to reduce emissions and the region’s environmental footprint. Mohammad Sanusi Barkindo, the OPEC secretary general, noted that the ‘Saudi Green Initiative’ and the ‘Middle East Green Initiative’ represent an important contribution to global efforts to combat climate change.
Here are some of Rigzone’s top upstream stories during the last week, just in case you missed them… Halliburton Claims Permian Automation Breakthrough Halliburton revealed that it has given a “major” operator real-time automated control of fracture placement while pumping on a multi-well pad in the Permian Basin. The name of the operator was not
(Bloomberg) — Texas’s refining complex is mostly back from last month’s crippling cold blast, but lingering freeze-related issues continue to plague a number of production units. More than six weeks after the Arctic storm took down at least 18 of the state’s 30 refineries, and almost 5 million barrels a day of crude-processing capacity, two of
Oil pumping jacks, also known as “nodding donkeys”, are reflected in a puddle as they operate in an oilfield near Almetyevsk, Russia, on Sunday, Aug. 16, 2020. Andrey Rudakov | Bloomberg via Getty Images LONDON — A group consisting of some of the world’s most powerful oil producers on Thursday will meet to decide on