Oil prices are set to close the week with notable gains as the market got a boost from positivity over the speed of the oil demand’s recovery.
Oil prices fell today as a result of a steep rise in gasoline stock levels in the US and concerns over the AstraZeneca vaccine future usage.
American oilfield services and equipment sector employment rose by an estimated 23 015 jobs in March, according to a report compiled by the Bureau of Labor Statistics and the Energy Workforce & Technology Council.
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Oil prices rose on Wednesday due to a blockage at the Suez Canal, which prevents normal traffic of oil tankers. Positive data in European purchasing manager indices also help, but concerns that heavy lockdowns in Europe will affect the demand recovery still keep prices lower than few weeks ago.
Rystad Energy expects around 54 000 wells to be drilled worldwide in 2021, a 12% increase from 2020 levels, while in 2022 drilling is set to increase by another 19% year-on-year to about 64 500 wells.
In our inaugural Oilfield Technology Spotlight, Deputy Editor Nicholas Woodroof speaks with Duncan McAllister, Application Engineering Manager at Varel Energy Solutions, and Cody Baranowski, Sales Engineer at D-Tech Rotary Steerable.
Oil prices started the week largely flat due to renewed lockdowns in Europe but, after last week’s painful correction, levels are now more sustainable.
GlobalData's latest report, Morocco Exploration & Production, reveals that Morocco is on the brink of unlocking its gas potential - even though the country is not a major producer and imports most of its gas.