Rigzone Industry News

One of Rigzone's regular market watchers looks at the surprise OPEC+ cut, talk of oil demand being inelastic to price, oil market volatility and more.

Oil posted a third straight weekly gain after a surprise supply cut by OPEC+ and a drop in US inventories tightened the market outlook.

One Texas shale executive forecast the move, almost exactly, back in January.

Oil eked out a gain after a report showed that US job openings in February fell to the lowest since 2021, reigniting concerns over a global economic slowdown.

Ocean Installer and Baker Hughes have set up an alliance enabling the delivery of an integrated subsea engineering solution.

Ovintiv Inc. (NYSE: OVV) announced Monday a deal to acquire 'core Midland basin assets'.

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

OPEC+ announced a surprise oil production cut of more than one million barrels a day.

Oil fell for the fifth consecutive month, culminating in its second quarterly drop since early 2020.

Oil rose to its highest in two weeks as export disruptions and broader market bullishness pushed prices up.