Oil & Gas Industry News

The Biden administration on Friday finalized a plan to prevent oil development across more than half of the U.S. government's mammoth petroleum reserve in Alaska.

Oil eked out a meager gain after Iranian media appeared to downplay the effect of Israeli strikes, lowering the geopolitical risk premium for crude.

'It would mean extreme price volatility,' EIR warned.

'The risk profile for commercial vessels operating in the region remains at severe/critical,' Dryad stated.

Israel launched a retaliatory strike on Iran following last week's missile and drone barrage from Tehran, according to two U.S. officials.

Analysts at Standard Chartered said they think geopolitical risk in oil has escalated significantly.

Oil fluctuated as markets weighed Iran's threats on Israeli nuclear sites against a stronger US dollar.

Washington will not renew a reprieve issued to Caracas for oil and gas activities, accusing the Maduro regime of reneging on a commitment to upholding fair elections.

Crude oil stocks in the U.S., not including the SPR, stood at 460.0 million barrels on April 12.

'U.S. sanctions on Iran had greatly impacted reported volumes in 2018-20, but such volumes appear to have been brought back online,' a Senior Associate at Enverus Intelligence Research told Rigzone.

And what would that mean for oil prices?

The U.S. plans to allow a Treasury Department license permitting oil and gas production to expire without renewal on Thursday, according to people familiar with the plan.

Oil fell more than 3% to a three-week low as trend-following algorithms accelerated the day's selloff.

'Under the new rule, BOEM estimates industry will be required to provide $6.9 billion in new financial assurances to protect American taxpayers from assuming industry decommissioning costs'.

The Stop Harboring Iranian Petroleum Act passed out of committee Tuesday.

Is this the start of a direct war between Israel and Iran?

Oil fluctuated in a narrow range as risk-off sentiment prevailed in broader markets and traders monitored Israel's response to an unprecedented attack by Iran.

The legislation was approved by a 383-11 vote.

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

'An already bad situation in the Red Sea and Gulf of Aden has just got worse,' Xeneta Chief Analyst Peter Sand said.