Sunday, August 10, 2025
What deeper OPEC+ oil output cuts mean for the market- oil and gas 360

What deeper OPEC+ oil output cuts mean for the market

Reuters Saudi Arabia and Russia led a deal on Friday in which OPEC and its allies committed to deeper oil output cuts in the first quarter of 2020 aiming to avert oversupply and support prices. The group of more than 20 producers agreed to cut an extra 500,000 barrels per day (bpd) to take their target to 1.7 million bpd,

U.S. rig count had an increase of 1 this week, at 255- oil and gas 360

U.S. Rig Count drops 3, down to 799 rigs

This week’s Baker Hughes rig count shows that U.S. numbers declined by 3, resulting in the total count falling to 799 rigs.  Canada increased over last week by 12 rigs, resulting in a total Canadian count of 138 rigs. Breakdown by region Of the regions tracked by Baker Hughes, no regions saw an increase this week. Meanwhile, 3 regions experienced a