Oil Sentiment Sours and More



Oil Sentiment Sours and More
Here are some of Rigzone's top upstream stories during the last week, just in case you missed them...

Here are some of Rigzone's top upstream stories during the last week, just in case you missed them…

Oil Market Sentiment Turns Sour

According to Rystad Energy’s senior oil markets analyst Paola Rodriguez-Masiu, the oil market sentiment has turned sour. The Rystad representative noted that the company doesn’t see oil prices bouncing back anywhere near the $50 per barrel level anytime soon unless OPEC+ decides to deepen the current cuts.

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Oil Price Adjustment Was Overdue 

From a fundamental basis, the recent oil price adjustment was overdue, according to oil and gas analysts at Standard Chartered. The adjustment saw Brent slide from a five-month high of $46.53 per barrel.

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Baker Hughes Shows Gain in US Rigs

The total number of rotary drilling rigs operating in the United States rose by two, Baker Hughes Co. reported Sept 4. The 256-rig U.S. count includes 181 oil rigs (up one from last week), 72 gas rigs (no change) and three miscellaneous rigs (up one).

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Exxon Hits More Oil Pay Offshore Guyana

Exxon has made its 18th discovery offshore Guyana at the Redtail-1 well, which is located on the Stabroek Block. Redtail-1 encountered approximately 232 feet of high-quality oil-bearing sandstone and was drilled in 6,164 feet of water. 

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SLB in Major Deal with IBM and Red Hat

Schlumberger announced a “major” collaboration with IBM and Red Hat to accelerate digital transformation across the oil and gas industry. The joint initiative will provide global access to Schlumberger’s exploration and production cloud-based environment and cognitive applications.

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Chevron Welcomes Familiar Face to Board

Jon Huntsman Jr. has been re-elected to Chevron Corp’s board of directors, effective Sept. 15, 2020. He previously sat on Chevron’s board from 2014 to 2017, when he resigned to serve as the U.S. Ambassador to Russia (2017 to 2019).

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To contact the author, email andreas.exarheas@rigzone.com



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