Oil prices drop 3% as OPEC+ plans for oil output hike
Oil prices settled 3% lower on Monday as OPEC+ plans...
Oil prices settled 3% lower on Monday as OPEC+ plans for another increase to oil output in November and the resumption of oil exports by Iraq's Kurdistan region via Turkey raised the global supply outlook.
Brent crude futures closed at $67.97 per barrel on Monday, September 29, 2025, a decline of $2.16 or 3.1%.U.S. West Texas Intermediate (WTI) crude settled at $63.45 per barrel, down $2.27 or 3.45%.
OPEC+, the Organization of the Petroleum Exporting Countries and allied producers, meets on Sunday and is likely to confirm a production boost of at least 137,000 barrels per day for November to gain market share, said three sources.
Crude oil flowed through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey on Saturday for the first time in 2-1/2 years, Iraq's oil ministry said.
Crude oil flows from Kurdistan to Turkey's Ceyhan port are running at 150,000-160,000 bpd, two industry sources told Reuters.
The resumption is expected eventually to bring up to 230,000 bpd of crude back to international markets.
Caturus Signs Multiyear Contract With Nabors to Deploy Onshore Drilling Rig
Caturus Energy has announced a multiyear contract with...
Caturus Energy has announced a multiyear contract with Nabors Industries for the deployment of the onshore drilling rig PACE-X Ultra X33.
Caturus executes long laterals and deep, high-pressure wells in complex subsurface settings across the Eagle Ford and Austin Chalk.
The rig recently mobilized to a Caturus pad in Live Oak County.
The PACE-X Ultra Rig X33 is billed as the most powerful onshore drilling system in the United States. The natural gas-powered walking rig has a 1 million pound mast and setback, racking capacity to 35,000 feet, three 2,000 horsepower mud pumps rated to 10,000 psi, torque of 65,000 foot pounds, 6,000 kW power generation, and 5.875 inch drillpipe. Caturus executives say the rig is roughly 25 percent more capable than existing fleets, enabling up to 4 mile laterals and vertical depths beyond 14,000 feet in high pressure, high temperature plays such as super-deep South Texas and the Haynesville.
Super-deep wells in the far western Haynesville north of Houston can cost more than $2,700 per lateral foot and comparably, in the super-deep Utica in Pennsylvania, more than $1,800 per lateral foot to drill and complete.
Portland and state of Oregon sue to block National Guard deployment
On Saturday, President Donald Trump said he ...
On Saturday, President Donald Trump said he authorized National Guard troops to “protect war-ravaged” Portland, OR, including an ICE detention facility there. Oregon Governor Tina Kotek, a Democrat, said she spoke with the president by phone on Saturday, and he told her that he received word of multiple fires in the city and the federal courthouse there being assailed. She said that he may have seen footage from 2020, filmed during riots following the death of George Floyd, that he thought reflected the present day. The Guardian paid a visit to downtown Portland on Saturday and reported “the city is placid, the farmers’ market was packed and…there were just four protesters on the sidewalk near the ICE field office.” The city and state filed the lawsuit yesterday, after the Pentagon called up 200 National Guard members.
Congress has until tomorrow night to prevent a government shutdown
President Trump plans to meet with congressional leaders today as Republicans...
President Trump plans to meet with congressional leaders today as Republicans and Democrats struggle to find common ground on a deal to keep the government open. Republicans want a clean stopgap bill, while Democratic leaders want to reverse recent Medicaid cuts and extend soon-to-expire Affordable Care Act subsidies. The two sides have until 12:01am ET on Wednesday to reach an agreement.
