Rigzone Industry News

OPEC+ commitment to reducing supply in question after voluntary cuts announced.

'The inability to secure a group-wide decision on production cuts does not bode well for the group's unity and cohesion and limits the group's ability to balance the market'.

OPEC+ agreed to deepen its production cuts following a slump in crude prices and predictions of a renewed surplus next year.

Occidental Petroleum Corp. is in talks to buy shale driller CrownRock LP, according to the Wall Street Journal.

Oil gained as anxieties surrounding a high-stakes OPEC+ meeting and signs that the Federal Reserve is done raising interest rates outweighed an increase in US crude stockpiles.

The Organization of Petroleum Exporting Countries and its partners needs to finalize output policy for 2024.

Oil snapped a three-session losing streak as OPEC+ members continued negotiations over output levels and a Federal Reserve official signaled the central bank's rate-hiking campaign may be complete.

'Our balances point to yet another large U.S. crude build'.

The 50 percent stake acquisition will help OMV Petrom's biofuel production.

Crude experienced a bumpy session, as potential OPEC+ cuts are weighed against global growth headwinds.