Update - Oil Jumps As OPEC Agrees To Modest Output Increase

For about three weeks ahead of the OPEC meeting, oil prices had retreated from 3-1/2-year highs. However, Brent crude settled up 2.7% on the week, while WTI crude was up 5.5%.

Report: US Oil Drillers Cut Rigs For First Time In 12 Weeks

Active rigs in the Permian declined by two this week to 473—their lowest level in five weeks—as pipelines out of the reach are expected to force smaller producers to slow or shut-in production

Schlumberger Wins In US Supreme Court On Patent Damages

The U.S. Supreme Court's 7-2 decision overturned a lower court's ruling and reduced by $93.4 million the damages sum that rival ION Geophysical had to pay for infringing Schlumberger technology.

Congo Republic Becomes OPEC's Newest Member

The government of Congo said in January that it wanted to join OPEC as it moves ahead with new projects that could help it become sub-Saharan Africa's third-largest oil producer.

ExxonMobil Confirms Machinery Damage At PNG Gas Pipe Project

Pictures on PNG’s EMTV Online earlier this week showed burnt out heavy machinery and a fire burning in a shipping container at the site in Angore.

Airborne Oil & Gas Appoints Oliver Kassam As CEO

The supervisory board of Airborne Oil & Gas (AOG) has named Oliver Kassam as its new CEO, the company said on June 21.

HydraWell Signs Contract With Chevron For Plug, Abandonment Services

The contract is valid for three years, with two additional one-year options.

Australia No Longer Expects Gas Shortfall Before 2030

Australia no longer faces a looming gas shortage, thanks to government pressure on exporters to divert the commodity into local markets and a reduced demand forecast for gas-fired power, according to estimates from the nation’s energy market operator.

Chevron’s Venture Capital Arm Launches $100 Million Fund

Investments from the new fund are expected to focus on disruptive technologies that reflect the company’s commitment to lower emissions from oil and gas.

Hess CEO: Focus On Returns Now Will Hurt Long-Term US Shale Investment

"Investor sentiment in the last year has really, markedly changed. I'd say it's gone from, 'drill, baby, drill,' to 'show me the money,'" says Hess CEO John Hess speaking at the OPEC International Seminar.

Total's North Sea Oilfield Workers Hold Strike Ballot

Britain’s biggest labor union is balloting rig workers at three of Total’s (NYSE: TOT) North Sea oil platforms over a potential strike due to the company’s refusal to reduce the number of unpaid working days, the union said on June 20.

Venezuela Says US Sanctions Hurt Oil Market Stability

U.S. sanctions on Venezuela are an attack against the stability of the global oil market, Venezuelan Oil Minister Manuel Quevedo said on June 21.