Global oil supply gap nears 900 million barrels The world consumes roughly 100 million barrels of oil every day, but a significant portion of that supply has not been produced in recent months. The gap is not closing, with Shell CEO warning of a crude shortage of clos
Baker Hughes data shows a modest increase in active oil and gas rigs, signaling potential production growth. The US active drilling rig count rose by 1 to 548, marking a third consecutive weekly increase. The gain reflects a slight uptick in energy sector activity amid sta
Cenovus Energy warns regulatory uncertainty and climate focus are deterring capital for Canada’s oil sands expansion. Cenovus Energy CEO Jon McKenzie stated that Canada’s oil sands sector is losing investment due to policy uncertainty and a climate-focused regulatory envir
MNR plans to reduce rigs to three and limit reinvestment to under half of operating cash flow next year. Mach Natural Resources LP will shift to three oil-weighted rigs in 2026, down from its current operations. The company aims to reinvest less than 50% of its operating c
Oil prices drop sharply as traders bet on a potential US-Iran agreement and Strait of Hormuz reopening, easing supply concerns. West Texas Intermediate crude falls 2.49% to $91.98, extending weekly losses to 7.39% amid optimism over a US-Iran deal. Markets focus on Tehran’
Venezuela’s 303 billion barrels of oil reserves attract US firms, but legal reforms remain untested and uncertain. Venezuela’s removal of a requirement for state majority stakes in oil ventures has sparked interest among US investors. The reform allows private firms to exp
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 548, down 30 from this same time last year. The number of active oil rigs ro
March upstream oil and gas deal value fell sharply from February despite stable transaction volumes, driven by oil price uncertainty. Upstream oil and gas deal value plunged to $5.55 billion in March, down from $32 billion in February, as oil price volatility weighed on in
Iraq’s Oil Ministry has denied that its deputy minister was involved in opaque sales of Iraqi oil mixed with Iranian crude for Iran’s benefit, as the U.S. alleged on Thursday when it sanctioned the senior official. The United States on Thursday sanctioned Iraq’s Deputy Min
ING analysts Ewa Manthey and Warren Patterson note that ICE Brent and NYMEX WTI have rebounded after three sessions of losses as renewed US‑Iran tensions in the Strait of Hormuz lift the risk premium. They highlight constrained flows through the key shipping chokepoint and