Rigzone Industry News

Oil plunged to the lowest level in five months as signs of robust supplies piled up.

Oil held steady in a lukewarm session after concerns that supplies are overtaking demand triggered the longest weekly losing streak in five years.

South Fork Wind became the first utility-scale wind farm in US federal waters to be brought into operation.

Occidental Petroleum Corp. agreed to acquire Texas shale driller CrownRock LP.

'However, the market response to the meeting has been highly negative'

OPEC's top official urged member countries in a letter to reject any agreements that target fossil fuels at COP28.

Oil bounced back on a stronger-than-expected US jobs report and plans to refill the Strategic Petroleum Reserve on Friday, but still closed out the longest weekly losing streak since late 2018 amid concern about an impending global glut.

Oil fell to the lowest since June as momentum traders and lower market volumes worsened a plunge that has been driven by concerns the market is oversupplied.

Key oil market gauges indicate that supplies are outstripping demand, overshadowing Saudi Arabia's pledges that OPEC+ will deliver on its planned production cuts.

OKEA received updated information that indicated a reduction in 2P and 2C volumes of 10 to 15 percent over the lifetime of the acquired assets.