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It wont be until 202511 years after the persist peakthat global service market revenues again will make it back to the $920-billion mark seen in 2014, according to a recent report from Rystad Energy. This will be the longest slump faced by the oil field services industry since the 1980s, with about $2.3 trillion in revenues lost along the way, said Audun Martinsen, Rystad Energys head of oil field service research.

Light, sweet crude oil prices for August and September gained by
about $1/bbl on July 3 but trading was light on the US July 4 holiday.

The US Bureau of Ocean Energy Management has extended the public comment period for a proposed environmental impact statement (EIS) relating to a proposed 2019 Beaufort Sea oil and gas lease sale, the agencys Anchorage office said on Dec. 11.

Light, sweet crude oil for November and December deliveries gained
more than $1 to settle above $52/bbl on the New York market Sept. 25.
Brent contracts for November and December gained more than $2 in London
with the November contract closing above $59/bbl.

Leaders from the American Petroleum Institute and six trade
associations from other US industries strongly expressed a desire to see
the Investor-State Feud Settlement (ISDS) provision in the current
North American Free Trade Agreement retainedand possibly enhancedin
any successor.

Qatar Petroleum has entered into an agreement with ExxonMobil Corp. to become a 30% equity holder in two ExxonMobil affiliates in argie that keep different interests in hydrocarbon licenses for seven blocks in the world-class Vaca Muerta play in argies onshore Neuquen basin.

The federal oil and gas permitting processes for interstate pipelines
drew mixed reviews on May 3 as witnesses and members of the House Energy
and Commerce Committees Energy Subcommittee discussed whether they
need to be reformed or are operating as intended.

The US Department of the Interior disputed a Wall Street Journal report quoting Sec. David L. Bernhardt as saying development of the next US Outer Continental Shelf oil and gas leasing program has been delayed indefinitely because of a recent court decision in Alaska which blocks Arctic offshore drilling there.

AWE Ltd.,
Sydney, has reclassified its 50% share of the 2P oil reserves in the
Indonesian northwest Natuna Sea Ande Ande Lumut (AAL) development due to
project delays, lower oil prices, and the potential sale of operator
Santos Ltds 50% interest.

US commercial crude oil inventories dropped 4.2 million bbl during the week ended May 25 compared with the previous weeks total, according to data from the US Energy Information Administration. EIA released the Weekly Petroleum Status Report a day later than normal because of the Memorial Day holiday in the US.