Rigzone Industry News

Oil's rally fizzled following a report that OPEC members are exploring the idea of exempting Russia from its oil-production deal, which could open the door for other producers to pump more oil.

Europe intensified its competition for oil with Asia.

India's ONGC will be investing up to $4 billion over the next three years to boost exploration activities.

Oil, bolstered by a broad-based market rally, rose for a second day as US crude and gasoline stockpiles showed signs of continuing decline ahead of the summer driving season.

Only China appears to have a reasonable inventory cushion against the unexpected, according to a new BofA Global Research report.

Oil set its fourth straight weekly gain as product markets remain tight amid strong demand, eclipsing concerns about an economic slowdown that have roiled financial markets.

Oil rose in a choppy trading session as equity markets pared losses, shrugging off concerns of an economic recession.

The UK's oil and gas industry will pay $9.6 billion (GBP 7.8 billion) in taxes this year.

Oil fell to the lowest in nearly a week amid a broader market selloff while additional coronavirus outbreaks in China dampened crude's demand outlook.