Posts in tag

oil extraction


A split reality is emerging for U.S. shale drillers: Those that primarily pump oil are still struggling to survive, while those that produce natural gas are slowly seeing signs of recovery. Oil-focused fracking companies are under extreme financial strain, as renewed concerns about the coronavirus pandemic are weighing down crude prices. But gas-focused drillers are …

Saudi Arabia’s oil-price war with Russia flooded the market with crude. Now, with demand having dried up and buyers hard to find, the kingdom is resorting to storing much of it at sea. At least one in 10 supertankers around the world is serving as a floating oil storage facility, Saudi oil officials say. With …