Oil & Gas Industry News

Oil prices fell below $61 as a strong dollar and oversupply worries ended a four-session rally.

80 Mile Plc announced that an independent petroleum reserves and resources evaluation identified '13 billion barrel potential' at Jameson Land Basin in Greenland.

'The combined company will have a premier portfolio of approximately 823,000 net acres, with the Permian position being the cornerstone,' a joint statement said.

North America dropped 16 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

Oil prices were little changed as OPEC+ announced a pause in output hikes next quarter due to expected weaker demand.

The global energy industry needs annual investment of $4 trillion as the boom in data centers and artificial intelligence increases demand, according to Sultan Al Jaber.

'We expect to see a significant ramp-up in demand from the second half of 2026 onwards', Saipem CEO and General Manager Alessandro Puliti said.

'Like in the group's recent meetings, this round also offered a surprise', Rystad Energy's Head of Geopolitical Analysis, Jorge Leon, said.

Russian oil producer Lukoil PJSC has agreed to sell its international assets to energy trader Gunvor Group.

Oil prices ended the week steady as traders anticipated another modest OPEC+ output increase.