This week’s Baker Hughes Rig Count shows that the U.S. increased by 1 last week, resulting in a total count of 549 rigs. Canada had a decrease of 3 over last week, resulting in a total Canadian count of 188 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Permian region experienced an increase this week. Meanwhile,
(BOE Report) – Saudi Aramco is set to sign two U.S. liquefied natural gas supply deals with Woodside Energy and Commonwealth LNG when Saudi Arabia’s Crown Prince Mohammed bin Salman visits Washington next week, sources familiar with the matter told Reuters. The world’s largest oil exporter, Saudi Aramco, wants to become a major liquefied natural gas player, especially in the United
(Investing) – LONDON -Oil prices climbed nearly 2% on Friday, boosted by supply fears after the Black Sea port of Novorossiisk halted oil exports following a Ukrainian drone attack that hit an oil depot in the major Russian energy hub. Brent crude futures were up $1.04, or 1.65%, at $64.05 a barrel by 1428 GMT, while U.S. West Texas Intermediate crude advanced
(World Oil) – Increased oil supply from OPEC and its allies will continue to put pressure on crude prices next year, while liquefied natural gas prices will likely fall later in the decade, according to Chevron Corp. Chief Executive Officer Mike Wirth. “Oil prices in 2026 are likely to feel more pressure than LNG prices,” Wirth said in an interview with
(Oil Price) – Oil markets have been volatile over the past couple of weeks, driven by a series of geopolitical developments including new U.S. sanctions on Russian energy, coupled with a fragile cease-fire in Gaza. Oil prices remain well below recent highs, with both Brent and WTI crude trading ~$15/bbl below their 52-week peak. Weak oil prices have taken a toll on
(World Oil) – Repsol SA is considering a reverse merger of its upstream unit with potential partners including U.S. energy producer APA Corp., people with knowledge of the matter said, as it seeks ways to list the business in New York. The Spanish oil and gas company has held exploratory discussions with APA, formerly known as Apache Corp., about the
(Oil Price) – Nearly a third of Russia’s current seaborne oil export potential is now stuck in tankers as the U.S. sanctions upend crude flows and Russia’s top buyers, China and India, are still struggling to assess the implications of the sanctions, according to JPMorgan. “Russia’s oil exports are entering a new phase of disruption as sanctions targeting Rosneft and Lukoil
(BOE Report) – CALGARY – Oilsands giant Cenovus Energy Inc. has completed its takeover of MEG Energy Corp. The two companies had neighbouring properties in the oilsands at Christina Lake, south of Fort McMurray, Alta. With the purchase, Cenovus gets another 110,000 barrels a day of production from what had been MEG’s flagship operation. The deal was worth more than $8.6 billion in cash,
(Investing) – HOUSTON -A U.S. judge has denied motions filed by Venezuela and Gold Reserve to disqualify him, a court officer and two advising firms overseeing an auction of shares in the parent of U.S. refiner Citgo Petroleum, a court filing showed on Thursday. Toronto-listed miner Gold Reserve, which competed with a bid in the auction, and Citgo’s owner, Venezuela, accused firms
Weekly Crude Oil Storage as of November 7, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.4 million barrels from the previous week. At 427.6 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
(Oil Price) – Chevron plans to grow its free cash flow into the next decade as it focuses on higher profits and returns to shareholders instead of growing oil and production, the U.S. supermajor’s five-year plan to 2030 showed on Wednesday. Chevron will raise output, but its primary focus will be on boosting free cash flow and earnings per share via deeper cost
(BOE Report) – World oil supply is expected to match demand next year in a reflection of the wider OPEC+ group’s production increases, an OPEC report showed on Wednesday, marking a further shift from its earlier projections of a supply deficit in 2026. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and other allies, has raised its
