Oil & Gas News 74 results

Oil Rig Count: Manufacturer’s Keep An Eye On The Action

In an industry where volatility is the only guarantee, manufacturers are keeping a close eye on the future of oil and gas. With news breaking about automobile manufacturers making the dramatic shift to all-electric vehicles and global inventories rising, all eyes were on the Rig Count released by Baker Hughes on July 21st. After three straight weeks of non-gains, the U.S. added two oil rigs ...

OPEC Meets To Discuss Production Cap Extension: Major Announcement Made

Some of the most prominent crude oil producing nations gathered today, Monday 7/24 in St. Petersburg, Russia to discuss the extension of the Organization of Petroleum Exporting Countries (OPEC) production cap. News broke that the production cap could extend beyond next year’s first quarter if prices continue to remain volatile. Beginning on July 1st, 2017 OPEC agreed to put a cap on produc...

OPEC Drastically Increases 2040 Electric Vehicle Forecast

Electric cars are starting to find their way into the hands of the everyday consumer and the world’s largest oil producers have started to take notice. Seeing this new technology as a huge threat, OPEC quintupled their forecasts for sales of plug in electric vehicles (EVs). According to a study from Bloomberg New Energy Finance (BNEF), Exxon Mobil Corp. and BP Plc. have also revised their ...

OPEC Production Cut Agreement Nears Its End: What Will The Future Hold?

The Organization of Petroleum Exporting Countries (OPEC) and other major oil producers have cut production for six months to help drive the price of oil back up. However, they fell short of their goal and the world sits and waits to see if the countries will extend their agreement as the price of oil still hovers below the intended target price. It has been reported that a number of the major ...

A Closer Look At The U.S. Oil Industry: What It Means For Manufacturing

The Oil industry has been on everybody's minds for the past few years. From terrifying lows to unexpected cooperation from the Organization of Petroleum Exporting Countries (OPEC), no one really know’s what the future may hold. With the commodity facing its first weekly loss in a month, many are wondering what could be the cause. Furthermore, manufacturers are curious to see if this price drop ...

U.S. Oil & Gas Rig Count Rises: Manufacturing Industry Benefits

The global oil market remains volatile and the current geopolitical situation is only leading to more questions and uncertainty. Baker Hughes recently released their report on the U.S. oil rig count and it shows continued growth. With the oil prices rising around the globe, the U.S. has been quick to reestablish their domestic oil production capabilities and in a big way. Overall, the U.S. ...

Keystone XL Pipeline: Trump Administration Approves Controversial Pipeline

The Trump Administration announced today (3/24/2017) that it will grant a permit for construction of the controversial Keystone XL pipeline. The President has referred to this project as “the first of many infrastructure projects” that will employ many Americans and help end the nation's employment issues. This long-disputed project will link oil producers in Canada and North Dakota with ...

Big Oil Takes On American Shale

There is a renewed interest in American shale and Big Oil is ready to make their mark. Planning to spend a combined $10 billion this year alone, Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron are ready to increase spending. A few years ago, these companies were spending nearly nothing on American shale, but this is quickly changing. Independent companies, which made up a majority of the ...

U.S. Rig Count Rises Again: Reviewing The Global Impact

The oil industry in the U.S. and abroad continues to face new challenges. It seems as though when one problem is corrected, a new set of issues arise. The latest rig count data is in from Baker Hughes and it offered an interesting look at the current and potential future state of the U.S. oil industry. Prices have fallen by more than 8% since last Monday as inventories continue to rise. The ...

ExxonMobil Looks Toward The United States of America For New Opportunity

Energy giants are starting to take the same approach as many American manufacturing businesses today. Turning to America to set up shop, Exxon Mobil Corp. (XOM) joins the charge to bring operations back within U.S. borders. Planning to spend about $20 billion on refineries, petrochemical plants and other projects around the Gulf of Mexico, Chief Executive Darren Woods is excited about this latest ...