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 588, up 48 from this same time last year. The number of active oil rigs rose
US oil exports reach new record in May The US has maintained its high oil output levels, with production holding near April's record levels. The latest data shows that oil exports have reached a new record in May, surpassing previous highs. This surge in oi
Ukraine has struck one of Russia’s biggest refineries, Lukoil’s Volgograd processing facility, the Ukrainian forces said on Friday as they resumed attacks on Russian refining capacity. The Volgograd refinery, which has the capacity to process 300,000 barrels per day (bpd)
Brent is set for an 8% weekly loss, but ongoing disruptions in the Strait of Hormuz and the Red Sea continue to support oil prices near $90 a barrel. Friday, July 31, 2026 Oil prices are set for an 8% weekly loss after the sell-off earlier this week was halted by the reali
West Texas Intermediate (WTI) US Oil trades higher on Friday, rising 0.76% to around $83.30 after staging a sharp rebound from an intraday low below $80.00. The Crude Oil has erased some of its weekly losses and is on track to finish the week close to its opening levels af
Abu Dhabi National Oil Company will adopt Platts Dubai prompt-month pricing for all crude grades, replacing the two-month-ahead IFAD Murban futures methodology. ADNOC will transition all Abu Dhabi crude grades to a prompt-month pricing model based on the Platts Dubai bench
The joint venture secures a 49% stake in Kuwait’s crude pipeline network, marking the country’s largest foreign direct investment. Blackstone Inc. (BX), KKR & Co. Inc. (KKR), and Brookfield finalized a $16 billion joint venture to acquire a 49% stake in Kuwait’s domestic a
China’s daily crude oil imports dropped to 8.1 million barrels in the second quarter, pressuring global demand amid supply disruptions. China, the world’s top crude oil importer, reduced its daily imports to 8.1 million barrels in the second quarter of 2026, a 32% decline
Brent and WTI futures rise over 1% as tanker rerouting in the Strait of Hormuz tightens supply concerns amid thin traffic. Oil prices advanced as traders reacted to reports of tankers rerouting or halting transit through the Strait of Hormuz, a critical chokepoint for glob
ADNOC changes crude pricing to prompt-month system Abu Dhabi National Oil Co. is overhauling its crude pricing methodology. The new formula will use the Platts Dubai benchmark instead of the ICE Futures Abu Dhabi-based pricing methodology. The change takes effect
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