Oil & Gas Industry News

Spirit Energy announced that it has completed a $54 million UK North Sea decommissioning campaign.

Oil eased in a choppy session as traders weighed progress on diplomatic efforts to resume shipping through the Strait of Hormuz against fresh risks of a global supply squeeze.

The change in sentiment has been swift, Ole Hansen, Saxo Bank Head of Commodity Research, said.

Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi discussed an 'interim framework' aimed at resuming shipping through the Strait, according to a joint statement carried by the Oman News Agency.

Oil extended losses as traders saw fewer signs of military escalation and US sanctions on Iran proved less severe than feared.

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

Although Texas upstream employment declined in July, job postings reflect a 'continued demand for talent', TIPRO said.

Analysts at Rystad Energy and Skandinaviska Enskilda Banken AB have examined the U.S. administration's latest measures against Iran.

Crude prices declined as traders weighed new US sanctions pressure on Tehran.

China's oil demand probably peaked last year, earlier than previous estimates, according to the head of the nation's top refiner.