Oil & Gas latest prices
London, August 05, 2024, (Oilandgaspress) ––Oil prices fell on Monday as fears of a recession in the United States and continued concerns over escalating tensions in the Middle East. European benchmark natural gas prices down by 5% on Monday amid strong pipeline supply from Norway amid fears of a worsening U.S. economy.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $72.78 | Down |
| Crude Oil (Brent) | USD/bbl | $76.22 | Down |
| Bonny Light 01/08/24 | USD/bbl | $85.57 | Down |
| Saharan Blend | USD/bbl | $85.61 | — |
| Natural Gas | USD/MMBtu | $1.90 | Down |
| Murban Crude | USD/bbl | $74.95 | Down |
| OPEC basket 02/08/24 | USD/bbl | $78.85 | Down |
The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of May and June 2024 and noted the high overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC). The Committee noted the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation assurance during the meeting to achieve full conformity and welcomed the recent submission of their compensation plans for the overproduced volumes since Jan 2024 to the OPEC Secretariat.
During today’s meeting, the member countries that participated in the June 2nd, 2024 meeting in Riyadh along with Oman, reiterated that the gradual phase-out of the voluntary reduction of oil production could be paused or reversed, depending on prevailing market conditions. These countries had announced the extension of the voluntary reduction of oil production by 2.2 million barrels per day until the end of September 2024 and outlined plans for this reduction to be gradually phased out on a monthly basis until the end of September 2025.
The Committee will continue to monitor the conformity of the production adjustments decided at the 37th ONOMM held on the 2nd of June 2024, including the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries and will continue to closely assess market conditions.
The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as outlined during the 37th ONOMM held on the 2nd of June 2024. The next meeting of the JMMC (56th) is scheduled for 02 October 2024. Read More
Baker Hughes Rig Count: U.S. -3 to 586 Canada +8 to 219
U.S. Rig Count is down 3 from last week to 586 with oil rigs unchanged at 482, gas rigs down 3 to 98 and miscellaneous rigs unchanged at 6.
Canada Rig Count is up 8 from last week to 219, with oil rigs up 6 to 150, gas rigs up 2 to 69.
International Rig Count is down 23 rigs from last month to 934 with land rigs down 24 to 720, offshore rigs up 1 up at 214.
International Rig Count is down 23 rigs to 934
The Worldwide Rig Count for July was 1,713, up 7 from the 1,707 counted in June 2024, and down 106, from the 1,819 counted in July 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 02 August 2024 | 586 | – 3 |
| Canada | 26 July 2024 | 219 | +8 |
| International | July 2024 | 934. | -23 |
