Saudi Arabia Shoots Down Drones Targeting Major Shaybah Oilfield
Saudi Arabia has intercepted and destroyed four drones headed toward its Shaybah oilfield as the war in the Middle East is escalating and sending oil prices past $100 per barrel.…
Oil Prices Drop as the G7 Considers Releasing Up to 400 Million Barrels
The finance ministers of the G7 will discuss the possibility of releasing oil from storage in response to the price rally resulting from the war in the Middle East, media,…
Saudi Arabia Offers Rare Spot Crude as Strait of Hormuz Traffic Collapses
Saudi Arabia is offering crude oil on the spot market in an unusual move prompted by the almost complete freeze on tanker traffic in the Strait of Hormuz, Bloomberg has…
Iraq’s Oil Output Plunges 70% as Gulf Shipping Crisis Deepens
Crude oil production from Iraq’s southern fields has dropped by 70% since the start of the U.S. and Israeli war on Iran, with the average daily production at 1.3 million…
Analyst Flags ‘Incredible’ Oil Price Moves
In a market comment sent to Rigzone on Monday morning, Aaron Hill, Chief Market Analyst at FP Markets, noted that, as of early trading this morning, both WTI and Brent…
