Oil & Gas Industry News

Saudi Arabia is taking the unusual step of selling millions of barrels of oil on an ad-hoc basis to customers in Asia.

Oil prices fell as recovering Strait of Hormuz traffic and rising global supplies reinforced expectations of an oversupplied market.

Executives from oil and gas firms revealed where they expect the West Texas Intermediate crude oil price to be at various points in the future in the second quarter Dallas Fed Energy Survey.

Standard Chartered Bank Energy Research Head Emily Ashford noted that oil's 'softening trend' had continued 'as the return of easy barrels outpaces demand recovery'.

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.