Subsea 7 has said it has been awarded a sizeable contract for work in the Gulf of Mexico with an unnamed client.

The huge volumes of oil held at sea have started to shrink and are expected to continue declining into the second half of this year, thanks to recovering demand and a change in the oil market structure, shipping sources told Reuters on Wednesday.

Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.

Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said.

Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets.

Crude oil inventories in the United States shed 7.2 million barrels in the week to June 26, the Energy Information Administration reported.

Oceaneering International’s Asset Integrity group has secured a three-year contract with Cabinda Gulf Oil Company Limited (CABGOC), a Chevron subsidiary. Oceaneering will provide inspection services onshore Cabinda, Angola, and offshore Angola on Blocks 0 and 14. The contract is scheduled to begin in Q2 2020. This award follows a recent contract win for inspection services for a maj

Offshore engineering and construction company McDermott has successfully completed its restructuring process after filing for bankruptcy in January to restructure its $4.6 billion debt.

Brooge Energy Ltd. expects new tanks at its oil-storage terminal in the United Arab Emirates to be fully operational by the end of the year, with a single customer booked to lease all the additional capacity.

America’s biggest oil companies are coming under increasing pressure from climate-conscious investors to disclose their long-term forecasts for crude prices as the Covid-19 pandemic injects fresh uncertainty into the demand outlook for fossil fuels.