Rigzone Industry News

Oil pared losses after dropping to levels not seen since before Russia's invasion of Ukraine as record US inflation intensifies fears of a recession.

The government announced the tax on oil and gas profits in May.

Oil tumbled as concerns about a global economic slowdown and growing Covid-19 cases in China reduced traders' appetite for risk.

Rigzone's regular market watchers focus on the recent oil price drop, and gain, gas prices, demand threats and more.

The OBR said the UK Treasury's finances over the long term are on an 'unsustainable path'.

Oil extended its drop for a second day as fears of a global slowdown outweighed continued supply disruptions and market tightness.

Oil posted its worst trading day in almost three months as recession fears gripped markets, outweighing a fundamentally tight supply market.

Oil marked its first monthly decline since November as OPEC+ completed the return of output it halted during the pandemic and signs emerged that the US economy was on weaker footing than expected.

The restrictions will be in place for several days.

The offshore wind industry had its best-ever year in 2021, but expansion is still not fast enough to hit net-zero targets by 2030.