Saudis surprise OPEC; oil soars by 5%

Saudis surprise OPEC; oil soars by 5%

Today, January 5, Saudi Arabia shocked OPEC+ with a voluntary 1-million-barrel-per-day output cut. The announcement came after OPEC and Russia agreed to allow a 75,000 barrels a day increase in total production from Russia and Kazakhstan in February and March. On the news U.S. benchmark West Texas Intermediate climbed 5.00% to $50 a barrel and international benchmark Brent gained 5.05% to $53.67 a barrel.

U.S. oil shale rig count continues to drop

U.S. oil shale rig count continues to drop

The number of active oil rigs in the United States fell by 4 to 172, Baker Hughes reported today. That's the lowest level since 2005 in the days before the U.S. oil shale boom. The news is likely to get worse for U.S. producers and oil service companies. The number of...
U.S. oil shale rig count continues to drop

Oil rig count falls again

Baker Hughes reported today that the number of rigs drilling for oil in the United States fell by another 15 to 222 this week. This is the 11th straight weekly decline. The total active rig count, which includes oil and natural gas drilling rigs, dropped by 17 to 301....