U.S. shale producers and OPEC, who not long ago were waging a price war, this week found themselves on similar sides as oil prices have surged well above $100/bbl: in no rush to rapidly boost production.
Less than a decade ago, OPEC was flooding the market with oil in a bid to drive out U.S. producers, who were enjoying surging production as improvements in hydraulic fracturing brought on the so-called “shale boom.”
But on the first night of CERAWeek by S&P Global on March 7, at an oil conference in Houston, both sides gathered in a private room at a restaurant and U.S. producers presented OPEC Secretary-general Mohammad Barkindo with a bottle labeled “Genuine Barnett Shale”—from the oil field that launched the shale revolution.
Putin says Russia continuing all energy exports, including through Ukraine
Russian President Vladimir Putin says that Moscow is continuing to export oil and gas, including through...
Russian President Vladimir Putin says that Moscow is continuing to export oil and gas, including through Ukraine, where the Kremlin sent troops three weeks ago spurring a wave of costly Western sanctions. "We are respecting all of our obligations in terms of energy supplies," Putin says during a televised government meeting on the sanctions fallout.
Russian regime change is needed for US corporations like Goldman Sachs to return, says Anthony Scaramucci
A number of western businesses have fled Russia since the invasion of Ukraine, and anything short of...
A number of western businesses have fled Russia since the invasion of Ukraine, and anything short of regime change is unlikely to bring them back, according to SkyBridge Capital founder and former White House communications director Anthony Scaramucci.
On Thursday, Goldman Sachs became the first major Wall Street bank to cease operations in Russia, and the Big-Four accounting firms also all recently announced their departure.
U.S. rig count resumes sharp gains after one-week lull
Active drilling rigs in the U.S. jumped by 13 to 663 according to the ...
Active drilling rigs in the U.S. jumped by 13 to 663 according to the latest Baker Hughes weekly survey, resuming its recent pattern of steady gains after a one-week breather.
Rigs targeting crude oil in the U.S. increased by 8 to 527, while gas rigs gained 5 to 135; rigs targeting oil in the Permian Basin jumped by 6 to 316, while the Eagle Ford shale added 2 to 47.
The total rig count had climbed for eight consecutive weeks before last week's pause; oil rigs had increased for six straight weeks heading into last week and have reached their highest since April 2020; gas rigs are at their best level since October 2019.
Dow ends down over 200 points Friday, suffering fifth straight weekly decline
U.S. stock benchmarks were lower Friday afternoon after President Joe Biden called for...
U.S. stock benchmarks were lower Friday afternoon after President Joe Biden called for a suspension of normal trade relations with Russia as part of sanctions designed to economically isolate Moscow for its unprovoked attack in Ukraine.
Tentative optimism about the war, tied to comments Russian President Vladimir Putin reportedly made about “positive” shifts in talks with Ukraine, faded after Ukraine’s foreign minister, Dmytro Kuleba, said he didn’t see any progress in Russian-Ukrainian talks.
The S&P 500 indexSPX, -1.30% was down almost 31 points or 0.7% at about 4,229, with communication services SP500.50, -1.88% leading losses with a drop of more than 1%.
The Dow Jones Industrial AverageDJIA, -0.69% fell 84 points, or 0.3%, to 33,090, giving up modest gains earlier in the session.
The Nasdaq Composite IndexCOMP, -2.18% dropped almost 192 points, or 1.5%, to 12,938.
