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Norway’s state-owned oil company Equinor reported nearly doubled profits of $11.5 billion in the second quarter, benefiting from higher crude prices amid geopolitical tensions.
Brent crude is positioned to close July near $90 per barrel as Middle East shipping disruptions support prices despite an 8% weekly loss, while Saudi Arabia organizes an international maritime coalition.
BP has launched a formal sale process for its North Sea oil and gas operations, ending six decades of production in the basin as new leadership seeks to simplify the company and reduce debt.
US oil rig counts rose to 588 this week, with crude production averaging 13.796 million barrels per day, as oil prices held near $85 per barrel amid cautious market conditions.
A recent attack on Saudi Aramco’s Abqaiq oil-processing facility has exposed vulnerabilities in the Kingdom’s export infrastructure, raising concerns about the reliability of global energy supplies despite current price restraint.
Venture capital funding for U.S. nuclear startups has surged to $4.5 billion across 81 companies this year, driven by artificial intelligence’s massive energy demands and government support.
