Industry News

Pakistan is seeking to buy liquefied natural gas for delivery this week as a string of attacks in the Strait of Hormuz disrupts flows of the super-chilled fuel.

North America added 21 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

Ships continued to cross the Strait of Hormuz, though the number broadcasting their passage dropped, as some companies said vessel attacks over the weekend had made them less confident about navigation.

The European Bank of Reconstruction and Development committed more financing for Ukraine to install new power generation capacity and help the country decarbonize its energy system.

'The combination brings together Eldorado's Atlantic Zonda with Vantage's asset base, strong operating capabilities, global footprint, and proven track record managing high specification drilling assets'.

Wood Mackenzie said the oil price bubble has burst.

The European Commission executed a public-private cooperation agreement on energy storage that saw 22 member states commit to enabling the installation of 30-35 gigawatts of capacity over the next 2 years.

Industry body Offshore Energies UK said 'urgent decisions' are needed on the Rosebank and Jackdaw projects 'for national security'.

The Norwegian Union of Energy Workers said it had sent a notice that an additional 63 members would join hundreds already on strike after government mediation failed to yield a new Well Service Agreement.

Commercial traffic through the Strait of Hormuz persisted at a reduced level after attacks on two ships raised fresh concerns about the ability and willingness of shipowners to traverse the waterway.

A combination of surging local production and increased imports from non-Middle East suppliers have helped Europe to avoid a jet fuel crisis.

The Panama Canal expects revenue to exceed its $5.2 billion forecast for fiscal 2026 after the closure of the Strait of Hormuz.

The UK grid operator issued a second power supply warning for Friday evening.

Oil prices fell sharply as rising Strait of Hormuz traffic and increasing Persian Gulf exports fueled oversupply concerns.

In its latest short term energy outlook, the U.S. Energy Information Administration projected that U.S. total energy consumption will decrease in 2026 then rise in 2027.

Traffic continued to flow in both directions through the vital thoroughfare on Friday.

The number of employees in the oil and gas extraction industry increased slightly from April to May, data on the U.S. Bureau of Labor Statistics website showed.

The United States Department of Energy announced a conditional loan commitment of $17.5 billion to help 5 nuclear power projects procure long-lead items to deploy Westinghouse's advanced reactor.

Var Energi and its partners made a final investment decision to proceed with the Gjoa Subsea Projects on Norway's side of the North Sea, targeting about 76 million barrels of oil equivalent gross proven and probable reserves.

Why is the oil price going lower on Friday?