Oil & Gas Industry News

Oil prices fell as shipping through the Strait of Hormuz increased and traders anticipated a growing global supply surplus.

Morgan Stanley cut oil forecasts for the second time in about two weeks.

'Markets can price risk, but they can't price a tweet', one exploration and production company executive warned in the latest Dallas Fed Energy Survey.

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

'One would assume that a fair price today would be more like $80-90 per barrel than low $70s', SEB Chief Commodities Analyst Bjarne Schieldrop said.

Crude climbed after the US and Iran signaled renewed diplomacy while investors monitored shipping through the Strait of Hormuz.

North America added 21 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

Wood Mackenzie said the oil price bubble has burst.

Industry body Offshore Energies UK said 'urgent decisions' are needed on the Rosebank and Jackdaw projects 'for national security'.

A combination of surging local production and increased imports from non-Middle East suppliers have helped Europe to avoid a jet fuel crisis.