Oil & Gas Industry News

Oil retreated from a six-month high as senior officials from several countries flew to Tehran.

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

Indian refiners are increasingly turning to Persian Gulf crude and pulling back from their mainstay supplier Russia.

Britain is expected to rely even more heavily on natural gas imports this winter.

Oil prices climbed as escalating attacks on Saudi Arabia heightened fears of Middle East supply disruptions.

The physical prices of some Middle East crudes sold outside the Persian Gulf have dropped.

SLB, formerly known as Schlumberger, is seen as a bellwether for oil and gas companies.

The global average crude freight rate surged above $20 per barrel, from $3 per barrel a year ago, analysts at Goldman Sachs said.

The price of Brent crude oil reached $114 per barrel intraday on Friday.

Brent climbed above $113 amid Saudi attacks and renewed Iran tensions, while global diesel supplies remained tight.