Oil & Gas News 85 results

Oil Prices Drop Again Over Demand Fears

Oil prices have had a rather shaky year so far. The combination of the Covid-19 pandemic and the past trade disputes between OPEC and Russia caused prices to drop to decade lows, before slowly beginning to recover. Now, prices have seen another drop as concerns over demand flare up once more. On Tuesday, West Texas Intermediate crude slipped by 7.06%, or $3.01, to eventually settle at $36.76 ...

Major Oil Producers Report Negative Second Quarter Results

The oil industry is one of the many different industries which has been hit hard by the COVID-19 pandemic. A reduction in travel demand, along with production disputes between OPEC and Russia earlier in the year meant there was a massive supply of oil with effectively no demand. While things have begun to stabilize elsewhere, newly released second-quarter reports show just how devastating ...

Oil Prices Climb Based On Economic Data Support

Oil has remained a delicate market due to the COVID-19 pandemic and issues with overproduction. However, in a rather volatile session on Thursday, oil prices continued to climb based upon economic data indicating improvements in the U.S. economy. Brent crude, which is used as the global benchmark, rose by 1.7%, or 70 cents, to $41.01 after trading as low as $39.47. This was after a 5.4% drop ...

Oil Drops Over 10% In Wake Of Second Virus Wave Fears

The oil industry has been one of the most drastically impacted by the COVID-19 pandemic. After a drastic decline, recently the sector has shown signs of recovery. However, fears over a second wave of outbreaks have resulted in a new round of drops. On Thursday of last week, oil prices fell by over 10% after a string of second wave-inspired selloffs. West Texas Intermediate crude futures, used ...

Oil Prices Drop Yet Again

Last week, oil prices saw a substantial drop-off, before beginning a climb back to more-positive values. However, this growth didn’t last. In fact, many experts anticipate these prices could continue to slip yet again in the upcoming weeks. Both U.S. and international oil prices have been in flux all throughout the week. Last Monday, West Texas Intermediate reached a stunning negative $37.63 ...

Oil Prices Continue to Drop, Set for Worst Month in a Decade

Markets all over the world continue to be impacted by the spread of coronavirus, and oil is no different. As of Thursday of last week, prices for oil fell around 8% as demand continues to decrease. U.S. West Texas Intermediate crude oil prices have fallen down nearly 25% this week, its worst one week drop since December of 2008. This drop has left West Texas Intermediate oil to settle at ...

New Zealand to Ban All New Offshore Oil and Gas Drilling

In a move that shocked the oil and gas sector, New Zealand Prime Minister Jacinda Ardern announced that the government would no longer issue new permits for offshore exploration of gas and oil. Prime Minister Ardern claimed that the government was moving away from fossil fuels, which she claimed cause global warming and climate change and hoped the decision would help the country reduce the ...

Smallest Oil Producer in the Gulf Announces Largest Discovery Since 1932

The Bahrain News Agency announced Sunday the discovery of an offshore oil field, the Khaleej Al Bahrain Basin, with “significant quantities of oil and gas”off the country's west coast. Although a specific estimate as to the size of the oil and gas reserves was not given, oil minister Shaikh Mohamed bin Khalifa Al Khalifa told the Bahrain News agency "Initial analysis demonstrates the find ...

Oil and Gas in 2018: Price Estimates on the Rise

Big name investment banks have started to raise their price targets on oil. Crude futures have reached levels the industry has not seen since the downturn in December of 2014. Both Bank of America Merrill Lynch and Morgan Stanley increased their forecasts on crude prices this week. Goldman Sachs said that prices will soon go over their early predictions. Meanwhile, the international benchmark ...

OPEC Meeting to Discuss Extension of Production Cap

The world continues to revolve around the oil market as some of the most powerful countries rely on this commodity in order to maintain their way of life. Major industry players such as the U.S., Saudi Arabia and Russia can have a widespread impact on this vital market and have in recent years begun to control the supply to match demand in order to help stabilize oil prices and avoid a nosedive ...