North America saw an 18-rig drop last week, mainly due to Canada losing 19 rigs while the U.S. added one; analysts link reduced activity in the Permian basin to weaker WTI prices, which may slightly impact 2025 oil production growth.
Oil prices gained 1% on Monday as U.S. President Donald Trump said he will impose 25% tariff on countries that buy oil, gas from Venezuela, and on the back of new U.S. sanctions on Iranian exports.
Curious Minds Corner
What are some alternative fuels being developed to replace oil and gas?
Some alternative fuels include biofuels, hydrogen, and electricity.