Saudi Arabia’s NADEC sees 137% profit growth as agribusiness sales soar

Oil Updates – Crude Settles; US drillers add oil and gas rigs; Norway’s April is behind forecast

RIYADH: Oil prices edged higher on Friday as the EU’s planned ban on Russian oil and the easing of COVID-19 lockdowns in China countered fears that slowing economic growth could hurt Requirement.

Brent crude is currently priced at $112.55 a barrel, while US West Texas Intermediate crude is at $110.28.

U.S. drillers add oil and gas rigs for ninth straight week

U.S. energy companies this week added oil and gas rigs for a ninth consecutive week, data showed Friday, as most small producers respond to high prices and government pressure to increase production.

The number of oil and gas rigs, an early indicator of future production, rose by 14 to 728 in the week to May 20, its highest level since March 2020, energy services company Baker said. Hughes Co. in its closely followed report.

Baker Hughes said the total number of platforms increased by 273, or 60%, compared to the same period last year.

U.S. oil rigs rose 13 to 576 this week, their highest level since March 2020, while gas rigs rose 1 to 150, their highest level since September 2019.

Norwegian oil production in April is 10.6% behind forecast

Norway’s crude oil production in April exceeded official forecasts by 10.6%, while its gas production was in line with expectations, preliminary data from the Norwegian Petroleum Directorate showed on Friday.

Crude oil production fell to 1.66 million barrels per day in April from 1.74 million bpd in March, behind a forecast of 1.86 million bpd, the NPD said.

Natural gas production in April averaged 327.1 million cubic meters per day, as expected, from 338.4 million cubic meters per day in March, while production for the full month was down to 9, 8 billion cubic meters compared to 10.5 billion cubic meters in March, the NPD said.

(Contributed by Reuters)

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