Rigzone Industry News

Call options volume on West Texas Crude hit highest mark since 2019, signalling a growing sentiment towards higher prices to come.

Last week's decision by the OPEC+ countries to cut their headline production limit by 2Mn barrels per day provoked some anger in the US.

Offshore wind has massive potential for growth with 135 GW of new capacity on offer to developers, equivalent to nearly 2.5 times today's market.

Oil slumped as fears of a global economic slowdown overshadow the threat of tighter crude supplies from OPEC and its partners.

Oil posted its biggest weekly gain since early March as an increasingly negative supply outlook offset nagging macroeconomic concerns.

Oil topped $88 a barrel a day after the OPEC+ alliance announced its biggest production cut since 2020.

OPEC+ agreed to cut its collective output limit by 2 million barrels day.

Oil surged after OPEC+ said it was considering cutting its production limit by as much as 2 million barrels a day, double what was previously anticipated.

Oil shed nearly 25% to post its first quarterly loss in more than two years as escalating fears over a global economic slowdown and a stronger dollar overshadowed concerns of tightness in oil supplies.

The Organization of Petroleum Exporting Countries and its allies will meet to decide November output levels on Oct. 5.