Oil slips as investors weigh OPEC compliance versus US rigs

Oil prices decline as investors compare drilling activity in the US with OPEC production cuts. OPEC is due to release its monthly report Monday, offering the group's first update on its progress.

Photo: Kamran Jebreili / AP Polfoto

Oil retreated near USD 53 a barrel as investors weighed rising US drilling activity against OPEC production cuts that the International Energy Agency estimates achieved a record 90 percent initial compliance rate.

Futures lost as much as 0.9 percent in New York after advancing 3.2 percent over the previous three sessions. Saudi Arabia reduced production by more than it had pledged, while higher demand is helping to rebalance the market, the IEA said Friday. OPEC is due to release its monthly report Monday, offering the group's first update on its progress. In the US, drillers increased the rig count to the highest since October 2015, according to Baker Hughes Inc.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

WindEurope warns against negative auction bids

If more countries introduce negative bids, where firms pay to establish wind projects, it could lead to higher electricity bills or more pressure on the supply chain, says the industry association.

BW Offshore halved bottom line in Q1

The Norwegian firm reports decline in several items compared to the same quarter of 2021 but predicts fine advancement in the rest of 2022, for which both floating wind projects and high energy prices show promise.

Equinor exits Russia

Norwegian oil company Equinor has taken its final step out of the Russian market by transferring joint venture assets to Rosneft.

Further reading

Related articles

Latest News

See all jobs