Oil & Gas

U.S. Crude Oil Inventories Jump, OPEC Supply May Be on the Rise

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.

U.S. crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said on Wednesday.

U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts.

U.S. oil drillers this week cut the most rigs in over three months and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month, as independent producers follow through on plans to cut spending on new drilling and completions.

U.S. energy firms this week reduced the number of oil rigs operating for the second week in a row, with the rig count at its lowest since March 2018, as some drillers follow through on plans to cut spending.

Source: www.xinhuanet.com This Thursday's weekly U.S. crude inventories report by the American Petroleum Institute announced a draw of 4.50 million barrels in U.S. crude oil...

U.S. crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecast, the Energy Information Administration said on Wednesday.

U.S. Crude Oil Inventories Rise by 1.26M Barrels Last Week: EIA

https://www.mrt.com/news/politics/article/Trump-admin-approves-seismic-surveys-for-Atlantic-13434487.php The Trump administration on Friday authorized the use of seismic air guns to find oil and gas formations deep underneath the Atlantic Ocean floor....