The number of rigs drilling for oil in the U.S. closed out 2020 at 267, according to Baker Hughes Co. data released December 30th. It’s the lowest end-of-year figure since 2005, when drilling and fracking breakthroughs perfected in natural gas regions like North Texas’s Barnett shale were just beginning to be deployed. SourceContinue Reading
The completion of the South Texas Gateway dock enables Buckeye to accommodate the berthing and loading of two vessels simultaneously, further facilitating the supply of North American crude oil to global markets. SourceContinue Reading
When complete, Nord Stream 2 will allow Russia to expand deliveries of gas to Europe and circumvent the traditional transport corridor through Ukraine. The U.S. and Eastern European nations say the pipeline will make Germany and the European Union too reliant on Russian gas. SourceContinue Reading
A coronavirus-fueled trading scandal is driving stricter borrowing rules and accountability standards, dramatically changing key players in the world’s oil supply trade. SourceContinue Reading
A dip in the dollar boosted the appeal of commodities such as oil that are priced in the currency. Crude was also aided by broader market strength, with equities nearing record levels following U.S. President Donald Trump’s signing of a $900 billion virus-relief package. SourceContinue Reading
The RRC reports that from November 2019 to October 2020, total Texas reported production was 1.5 billion barrels of crude oil and 10.4 trillion cubic feet of total gas. SourceContinue Reading
Crude’s shaky start to the week reflects the concern over more travel restrictions as the new mutation in the coronavirus spreads globally. However, the UK is poised to approve the Covid-19 vaccine produced by AstraZeneca Plc and the University of Oxford. SourceContinue Reading
Crude reversed losses of as much as 1.5% after President Donald Trump signed the long-awaited bill containing $900 billion of virus relief that’s expected to boost energy demand in the world’s largest economy. SourceContinue Reading
“To restore our output, that we’ve reduced a lot, the price range of $45 to $55 a barrel is the most optimal,” Russia’s Deputy Prime Minister Alexander Novak told reporters in Moscow. “Otherwise we’ll never restore production, others will restore it.” SourceContinue Reading
Iraq has been receiving 5 million cubic meters a day since Iran cut its daily exports from 50 million cubic meters two weeks ago, Ahmed Moussa, a spokesman for Iraq’s electricity ministry, said in an interview. SourceContinue Reading
