Oil & Gas Industry News

Federal Reserve Bank of New York President John Williams said he expects falling energy prices to drive a drop in overall inflation over the next few months.

The US revoked a waiver allowing Iranian oil sales following shipping attacks that threatened the fragile ceasefire with Iran.

North America's rig count stayed flat week on week, according to Baker Hughes' latest North America rotary rig count.

J.P. Morgan analysts, including J.P. Morgan's Head of Global Commodities Strategy, Natasha Kaneva, said the oil market is 'attempting a system reboot'.

'Average gasoline prices fell in nearly every state over the last week...pushing the national average to approximately $3.74 per gallon this July 4', Patrick De Haan, Head of Petroleum Analysis at GasBuddy, said.

Oil fell to five-month lows after Saudi Arabia sharply cut its flagship crude prices.

Rigzone examines the Energy Institute's latest statistical review of world energy report, which was released recently.

'Seven OPEC+ countries ... met virtually on 5 July 2026, to review global market conditions and outlook,” a statement posted on OPEC's site highlighted.

'Our goal is simple', RRC Commissioner Wayne Christian said.

China called for the unhindered flow of shipping through the Strait of Hormuz.