US Oil Rig Count Falls by Most in a Week Since June 2023
The oil and gas rig count fell by seven to 583 in the week to April 11. Baker Hughes said this week’s decline puts the total rig count down 34 rigs, or 6% below this time last year.
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Bernstein: Wells with IPs of 1,000 boe/d the ‘New Norm’
The share of 1,000 boe/d producers in the overall population of wells drilled in 2024 rose to 46% year-over-year; 2025 could be the year a majority of wells hit the “thousand club” threshold, Bernstein reports.
Chevron’s Venezuelan Oil Cargoes Stalled at Sea After Export Cancellations
(Reuters) – At least two vessels carrying Venezuelan crude chartered by Chevron are now stalled in Venezuelan waters due to state oil company PDVSA canceling their export authorizations after the U.S. imposed secondary tariffs on the OPEC member’s buyers, two sources with knowledge of the matter said on Friday. The U.S. oil producer awaits customs …
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Abu Dhabi’s ADNOC Mulls Bid For Aethon’s US Natgas Assets, Bloomberg News Reports
(Reuters) – Abu Dhabi state oil company ADNOC is considering a bid for natural gas assets of investment firm Aethon Energy Management that could potentially be worth about $9 billion, Bloomberg News reported on Friday, citing people familiar with the matter. ADNOC has done a string of acquisitions in gas and chemicals, which along with …
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Indian Gas Firm GAIL Seeks 26% Stake in US LNG
(Reuters) – GAIL India Ltd issued a tender on Friday to buy an up to 26% stake in a liquefied natural gas project in the United States combined with a 15-year gas import deal, aiding New Delhi’s efforts to narrow its trade surplus with Washington. India is racing to become one of the first to …
BP Forecasts Dip in First-Quarter Upstream Production
BP anticipates a quarter-over-quarter decline in upstream production when it reports earnings later this month.
Ten Trading Days That Shook Financial Markets
The pain, said Shuntaro Takeuchi, was 10 out of 10. Not in the portfolio of Japanese stocks he runs out of Palo Alto, California, but in his appendix. It would have to come out, just as his colleagues at Matthews Asia were on a phone call to chart the $7 billion asset manager’s path through …
Oil Producers Seek to Shore up Finances Amid Crude Price Plunge
Summary • Brazil plans extra auction for offshore oil areas • Kuwait to tap international debt market for first time since 2017 • Russia’s economy expected to contract further from oil price decline • Saudi Arabia stands ready for policies to keep fiscal position strong: spokesperson April 11 (Reuters) – Oil-dependent governments are coming under …
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US Energy Secretary Says We Can Stop Iran’s Oil Exports
April 11 (Reuters) – U.S. Energy Secretary Chris Wright said on Friday that the United States could step up pressure on Iran and stop its oil exports as part of a plan to pressure Tehran over its nuclear programme. Wright, speaking to Reuters during a visit to Abu Dhabi, said he thought the Gulf allies …
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OPEC Output Hikes, Trade Wars Have US Oil Producers Wary of ‘Drill Baby Drill’
Summary Oil at $55 a barrel, down from $78 before Trump inauguration US oil rig count expected to drop if crude stays below $60 Tariffs will hike costs for steel and oil-drilling gear Reuters) – President Donald Trump moved on his first day in office to increase U.S. oil and gas production, but the country’s …
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