The Worldwide Rig Count for February was 1,741, up 46 from the 1,696 counted in January 2025, and down 71, from the 1,813 counted in February 2024.

Brent fell 5 cents to $70.9 a barrel, WTI shed 10 cents to $67.58 a barrel.

Furthermore, the eight countries reiterated their collective commitment to full conformity with the additional voluntary production adjustments as agreed under the 53rd JMMC meeting on April 3, 2024. T

According to Iran’s oil ministry, Qatar has already implemented pressure enhancement schemes, boosting production on Qatar’s side of the field (called North Dome).

The Boca de Jaruco field produces extra-viscous, extra-heavy oil (natural bitumen) from carbonate deposits using thermal steam methods. Zarubezhneft has quadrupled its annual production over the past five years, while the stock of production wells has remained unchanged at seven wells.

OIL Markets have been experiencing dehorning by the bears with the benchmark BRENT trading at $69.45/bbl and WTI Crude trading at $66.12/bbl. We have seen a short squeeze on Natural Gas to $4.34/mmBtu pricing as plays within the COTs Reports have had sluggish skewness pushing prices higher currently at $4.50/mmBtu.Tread cautiously as this is thin ice.

Russian oil products exports remain resilient with volumes climbing last month to the highest in a year, despite repeated drone strikes against the country’s refining operations.

Brent rose 24 cents or 0.33% to $72.77 a barrel, WTI were up 18 cents or 0.26% at $68.80 per barrel.

Brent were down 22 cents, or 0.29%, at $75.82 a barrel, WTI dropped 30 cents, or 0.42%, to $71.95.

OPEC welcomes the decision approved today by the National Energy Council of the Federative Republic of Brazil (CNPE) that formally paves the way for the participation of Brazil as a Member of the Charter of Cooperation (CoC) between oil producing countries.

The electric industry today is facing unique and unprecedented challenges. A changing generation mix, more frequent “100-year” storms, and tremendous load growth are all changing the way utilities need to plan the electric system.

Brent were down 68 cents, or 0.9%, at $74.50 a barrel, WTI dropped 65 cents, or 0.9%, to $70.72.

Global Energy Complex is still on positive gyrations with twists and turns within the ebbs and flows,Global Oil maintaining the low 70s support zone with jitters of breaks when you look at historical inventories data.

The Worldwide Rig Count for January was 1,696, up 36 from the 1,660 counted in December 2024, and down 87, from the 1,783 counted in January 2024.

Brent rose 32 cents to $74.61 a barrel, WTI was up 24 cents at $70.85 a barrel.