Norwegian oil services firm Aker Solutions said on Wednesday the outlook has improved for the second half of the year with oil prices partly recovered from the lows in April and Norway offering tax incentives for the oil industry.

The COVID-19 pandemic has stymied oil and gas activity, a phenomena which has now affected the drilling market both in terms of wells drilled and in terms of related demand for drilling equipment. A Rystad Energy analysis shows the number of drilled wells globally is expected to reach around 55,350 this year, the lowest since at least the beginning of the century.

Exxon Mobil resumed drilling in Guyana last month, underscoring its dedication to the offshore hotspot despite the oil price crash and a messy turn in local politics.

Weatherford International signed an 18-month contract with the Iraqi Drilling Company (IDC) to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah field in the Dhi Qar province in southern Iraq.

OPEC expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output.

Talos Energy announced that on July 7, 2020, the company received a notice from Mexico's Ministry of Energy ("SENER") instructing the partners of Block 7 and Pemex to unitize the Zama field. Talos is the operator of Block 7 in a partnership with Wintershall Dea and Premier Oil.

BP was first. The supermajor said last month that it could book asset writedowns of up to $17.5 billion as a result of the industry crisis. Then it was Shell. The Anglo-Dutch company said earlier this week that it, too, would book sizeable writedowns on its assets, to the tune of $22 billion.

Iran is expanding its oil-production capacity in anticipation that an eventual end of sanctions would allow it to wrest back its share of the global crude market, according to Oil Minister Bijan Namdar Zanganeh.

OPEC+ will hold a committee meeting this week to assess the status of the oil market and decide on its next steps. For now, the group appears ready to begin unwinding the extraordinary production cuts, which could test the recent price rally.

Libya’s National Oil Corp. declared force majeure on exports again, accusing the United Arab Emirates of being behind a blockade as chaos continued to engulf the country’s oil industry.