US oil reserves drop to 22.4 million barrels US oil production is not directly affected by global events, making it a key supplier. The country's oil exports rose as Middle East flows were constrained. At the end of May, inventory in Cushing stood at 22.4 m
Crude oil futures decline on expected US-Iran conflict resolution Crude oil futures fell Friday as market expectations of a resolution to the US-Iran conflict outweighed concerns of renewed fighting. The conflict had raised concerns about the Strait of Hormuz reopenin
Baker Hughes data shows 563 active rigs, signaling sustained drilling activity amid energy sector recovery. The US oil and gas rig count increased by one to 563 this week, extending its growth streak to seven consecutive weeks. This marks the longest expansion since 2022 a
The US Strategic Petroleum Reserve has taken a beating during the Iran war, but Energy Secretary Chris Wright says the government's emergency oil stash is headed for a surprisingly lucrative refill. Companies that borrowed crude from the SPR during the conflict will return
Oil rig count increases by 2 to 431 The current oil rig count stands at 431, up 2 from the previous week. The total rig count has also increased, reaching 563. This marks a significant change from the peak of over 1,000 rigs in early 2019. The decline in rig coun
Baker Hughes data shows a net increase of 4 rigs year-over-year, with oil rigs up by 2 and gas rigs down by 1. The US active drilling rig count climbed to 563 this week, marking a year-over-year increase of 4 rigs. Oil rigs rose by 2 to 431, though this remains 11 below la
Russian President suggests US utilization of Russian LNG technologies in Alaska amid oil price volatility and OPEC+ market stabilization efforts. Russian President Vladimir Putin stated that adopting Russian liquefied natural gas (LNG) technologies in Alaska would be effic
The discovery at Vijayapuram-3 well supports potential hydrocarbon reserves in India’s Andaman offshore block. Oil India has detected natural gas at its Vijayapuram-3 well in the Andaman offshore block AN-OSHP-2018/1, drilled in 355m of water. This marks the second hydroca
India is launching on Friday a new fuel blend with an 85% ethanol component as part of the fuel flex mobility program of the world's third-largest crude importer to reduce dependence on imported oil. The E85 fuel was officially launched at a ceremony in New Delhi in the pr
Labour’s permanent ban on new North Sea oil and gas licenses sparks backlash over energy security and potential lost revenue. The UK Conservative Party has criticized Labour’s decision to ban new oil and gas licenses in the North Sea, calling it a threat to energy independ
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