Cut | Egypt Oil & Gas

US Weekly Oil, Gas Rig Count Up 43 Rigs Compared to Last Year Despite Deep Decline: Baker Hughes

Despite the deepest weekly decline in US energy firms' oil and natural gas rig count since February, Baker Hughes pointed out that the total count was still up 43 rigs, 6% more compared to the same period last yea ...

OPEC+ Considers Cutting Oil Production by Over 1 mmbbl/d

According to OPEC sources, OPEC+ may consider reducing oil production by more than 1 million barrels per day the following week in order to address the weakness in oil market. This would be the largest action take ...

Russia Opposes Any Potential OPEC+ Oil Output Cut

Sources talking to the Wall Street Journal stated that Russia does not favor a reduction in oil production at this time and that it is probable OPEC+ will maintain its output.

Russia’s New Gas Halt Worsens the Energy Crisis in Europe

Russia cut off gas shipments along Europe's main supply route, worsening an economic standoff between Moscow and Brussels and increasing the likelihood of a recession and energy rationing in some of the richest na ...

Saudi Arabia May Slash October Crude Prices for Asia

Due to weak demand in the region and rising arbitrage shipments, the world's top oil exporter Saudi Arabia may lower October prices for the majority of crude grades it delivers to Asia.

Saudi Arabia, Russia to Extend Oil Cut until March 2018

Saudi Arabia and Russia, agreed on the need to extend output cut to rein in a global crude glut.

OPEC Signals Oil Output Cut Extension

The Saudi Oil Minister stated that oil producers would "do whatever it takes" to rebalance the market.

Iran to Stick to OPEC Decision on Oil Cut Deal

Iran announced it will go along with whatever decision OPEC makes on whether to extend oil production cuts beyond June.

OPEC Ministers to Meet Russia

The energy ministers of Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts.

Iraq Mulls Exemption from OPEC Cut Deal

Iraq may seek exemption because it needs its oil income to fight the Islamic State.

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