Rigzone Industry News

Finalists of the 2023 OEUK Awards have been unveiled.

Oil steadied after surging to a 10-month high as broader risk-off sentiment cooled a piping hot rally driven by OPEC+ supply cuts and comments from Saudi Arabia's energy minister shying away from any change in course.

Brent oil closed near a 10-month high, extending a rally driven by supply curbs from OPEC+ leaders.

Oil rose for the third straight week as the market continued to tighten on the back of production cuts from Saudi Arabia and Russia.

OPEC's top official warned against abandoning fossil fuels.

Benchmark US crude oil settled above $90 a barrel for the first time since November, the latest milestone in a surge driven by output cuts from Saudi Arabia and Russia amid record global consumption.

Oil hovered near its highs of the year as the International Energy Agency added to a drumbeat of forecasts that the market will tip into a significant supply deficit in the second half of this year.

'Despite its difficult economic situation, China looks on track to account for 75 percent of the increase in world oil demand this year'.

Global oil markets face a supply shortfall of more than 3 million barrels a day next quarter.

Oil extended its rally to a 10-month high as production cuts by leaders of the OPEC+ cartel strain global supplies, a setup that's projected to create the tightest crude market in a decade in the months ahead.