Oil & Gas Industry News

Saudi Arabia cut the price of its flagship crude grade to the lowest level in five years.

'The January natural gas contract traded as high as $5.039 [per MMBtu] yesterday before closing at $4.995', EBW Analytics Group Energy Analyst Eli Rubin said.

Morningstar analysts said they believe oil demand 'still has five to 10 years of decent growth before plateauing in the early 2030s'.

UK union Unite announced that over 400 offshore members employed by Bilfinger UK Limited 'have supported taking strike action in an escalating dispute over pensions'.

Crude settled modestly higher after US-Russia talks failed to produce a Ukraine peace deal, keeping sanctions risks elevated.

Insurance rates for ships calling at ports in the Black Sea are surging.

A statement posted on OPEC's website this week announced that the OPEC Secretariat has received updated compensation plans from Iraq, the UAE, Kazakhstan, and Oman.

OEUK described the policy as 'an industry-wide initiative that has been developed following extensive engagement between OEUK, HM Coastguard, helicopter operators, and member companies'.

Oil futures closed down with thin liquidity amplifying selling pressure amid expectations of a looming oversupply.

The European Union is closing in on a deal to phase out Russian fossil fuels.