Oil to recover 60% of demand lost due to pandemic

U.S. energy firms added the most oil and natural gas rigs in a week since January even as oil prices this week pulled back from a recent 28-month high. The oil and gas rig count, an

U.S. import prices increased strongly in February, boosted by higher costs for crude oil and commodities, strengthening expectations for an acceleration in inflation this year. The Labor Department said on Tuesday import prices rose 1.3% last

Shell Egypt and one of its affiliates have signed an agreement with a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC to acquire Shell’s upstream assets in Egypt’s Western Desert for

Oil prices rose on Wednesday as signs of progress in the COVID-19 vaccine rollout in the United States, the world’s biggest consumer, raised demand expectations. U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or

Australia’s oil and gas industry has reaffirmed its commitment to playing a key role in a cleaner energy future, both in Australia and globally, with APPEA releasing the third edition of its climate change policy principles today. APPEA’s new Australia’s Cleaner Energy Future, which

Oil prices were up on Wednesday as markets await the announcement of a higher US relief package during the US President-elect’s inauguration speech later Wednesday, although rising coronavirus cases are capping upward price movements. International benchmark

WTI crude oil prices surged more than 3% to US$ 53.9, hitting their highest level seen since February 2020. A large draw in the API crude inventories and a weakening US Dollar gave oil prices a fresh boost alongside reflation hopes.

DHL Global Forwarding has released a whitepaper examining the key trends impacting the oil and gas (O&G) industry in the Middle East and Africa. According to the leading air, ocean and road freight specialist, digitalization will

Kuwait has extended bidding by 45 days for a North gas project, a local outlet reported. KOC agreed to push the deadline, which was supposed to end this week. “KOC has decided to extend the bidding

As the pandemic eases and the global economy recovers, $11 billion of Australian natural gas projects could be sanctioned as soon as next year, according to a report released this month by consultancy Wood Mackenzie. The

Crude oil prices are on the rise again after a short reversal of fortunes prompted by a huge crude oil inventory build reported by the U.S. EIA last week and renewed worry about demand. And the

Christmas came early for oil prices as a combo of global medical, fiscal and geopolitical developments this week is helping Brent recover the 50+ dollar level it achieved last week. The emergency FDA approval of the