OPEC raises oil demand growth on stronger economic recovery today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
One Natural Gas Rig Added in U.S. as Oil Patch Paces Growth in Domestic Drilling Activity
The U.S. natural gas rig count increased one unit to 94 during the week ended Friday (April 16) as gains in the oil patch paced a week of healthy growth in domestic drilling activity, according to the latest data from Baker Hughes Co. (BKR).
Along with the addition of one gas rig, an increase of seven oil-directed rigs offset the departure of one miscellaneous unit in the United States for the week. That left the combined U.S. rig count at 439 as of Friday, versus 529 rigs in the year-ago period, according to the BKR numbers, which are based partly on data from Enverus.
Oil Market: Bonny Light price rises further to $65.01 on OPEC report
On
By Udeme Akpan
Barely 48 hours after the release of the Organisation of Petroleum Exporting Countries, OPEC, Monthly Oil Market Report, MOMR, April 13, 2021, the price of Nigeria’s Bonny Light, has risen further to $65.01 per barrel.
Before the report, the price of the crude had hovered at $61.50 per barrel, due mainly to the prolonged Coronavirus pandemic, which has scuttled demand in many countries, especially China, and India, which are Nigeria’s major oil buyers.
Report
But the latest MOMR, which painted a fairly good prospect of the market, stated: “For 2021, additional US stimulus measures and accelerating recovery in Asian economies are expected to continue supporting the global economic growth forecast, which is now revised up to 5.4%.
Breaking News | Oil Market: Bonny Light price rises further to $65 01 on OPEC report thestreetjournal.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreetjournal.org Daily Mail and Mail on Sunday newspapers.
Rigs Added in Permian, Williston as U.S. Count Up Seven
Continued growth in oil-directed drilling, including gains in the Permian and Williston basins, helped lift the U.S. rig count seven units higher to 439 for the week ended Friday (April 16), according to the latest figures published by Baker Hughes Co. (BKR).
An increase of seven oil-directed rigs and one natural gas-directed rig offset the departure of one miscellaneous unit in the United States for the week. The combined 439 rigs active as of Friday compares with 529 rigs in the year-ago period, according to the BKR numbers, which are based partly on data from Enverus.