A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced.
Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
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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