Oil & Gas

U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active rigs after crude prices collapsed in October and November.

U.S. Crude Oil Inventories Fell by 1.21M Barrels Last Week: EIA

U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the first time in history.

The United States last week exported more crude oil and fuel than it imported for the first time on record, according to data released on Thursday, the same day OPEC ended a meeting without a decision to curb global output to balance out the historic surge in U.S. supply.

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....

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.

Oil prices fell on Thursday after U.S. crude inventories swelled to their highest level since December adding to concerns about a global glut but OPEC talk of an output reduction limited losses. 

U.S. energy firms this week added oil rigs for a fifth time in six weeks, keeping the rig count at its highest in over three years and crude production from shale basins at a record high.

U.S. Crude Oil Inventories Rose by 10.27M Barrels Last Week: EIA

https://www.reuters.com/article/us-usa-rigs-baker-hughes/u-s-drillers-add-oil-rigs-for-fourth-week-in-five-baker-hughes-idUSKCN1NE28S