Rigzone Industry News

Physical markets are not painting a rosy picture.

Saudi cuts announced last weekend failed to overcome energy demand headwinds.

Refinery crude processing reach rates not seen since August 2019 in preparation for summer demand.

Oil inched higher as Saudi Arabia's go-it-alone production cuts were offset by broader risk-off sentiment and traders waiting to see if cuts will materialize.

Oil climbed alongside risk assets, with attention focusing on this weekend's OPEC+ meeting in Vienna.

Oil jumped alongside broader equity markets, with traders embracing risk assets and largely overlooking a bearish US stockpile report.

Offshore Energies UK and Step Change in Safety have unveiled the finalists of The Offshore Safety Awards 2023.

Oil extended this week's decline as China's lackluster economic recovery outweighed an optimistic US jobs report.

Oil fell below $70 as the physical market for crude signaled that supplies are more than adequate to meet tepid demand.

The OPEC sees “a COP of action and results”.