As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
A rebound in oil prices that bottomed near $44 a barrel in March has provided some relief to stronger companies that have been able to compensate with cost cuts and more efficient operations. For many smaller, cash-strapped producers, current prices of almost $60 still aren’t enough to make ends meet compared to the $100-plus prices seen during the boom days.
The chemical industry fears exporting liquefied natural gas will increase the price of gas it buys, but U.S. producers could start pumping a lot more natural gas if international markets opened up, and that should keep prices down, John Felmy, chief economist for the American Petroleum Institute, told Fuelfix on Tuesday.
A Spanish court has acquitted three people charged over the sinking of the Prestige oil tanker off Spain’s northwestern coast 11 years ago that triggered one of Europe’s biggest environmental catastrophes.
Nigerian lawmakers say their country’s oil business must be investigated after an international watchdog group alleged that Nigerian and Swiss traders may be complicit in defrauding the Nigerian public of billions of dollars.
Oil and gas companies continue to be at a disadvantage when facing cyberattacks because they are not sharing information about incidents, experts said Tuesday at the American Petroleum Institute Cybersecurity Conference & Expo in Houston.
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