Oil & Gas

U.S. Crude Oil Inventories Fell by 3.9M Barrels Last Week: EIA

Saudi Aramco signed a 20-year agreement to buy liquefied natural gas (LNG) from a forthcoming export terminal in Texas that U.S.-based Sempra Energy is developing, the two companies said on Wednesday.

Oil prices on Friday, Nov. 23, reached low levels not seen since October 2017 as waivers on Iran sanctions and rising production from Saudi Arabia and Russia support a surplus scenario.

The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year.

The U.S. expects domestic oil production to reach new heights this year and next, and that prices – for both crude and gasoline – will be lower than they were in 2018.

Oil prices fell 4 percent on Tuesday as investors sold off stocks amid concerns about slowing global economic growth.

The US Department of the Interior has announced the discovery of the largest continuous oil and gas field ever found, estimated to contain 46.3 billion barrels of oil, 281 trillion ft³ of natural gas, and 20 billion barrels of natural gas liquids.

In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.

U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through on plans to cut spending.

U.S. energy firms cut 21 oil rigs this week, the biggest decline since February 2016, even as the United States is expected to reinforce its leadership as the world's number one crude producer this year.