NEWS

Global Oil, Gas Planned Project Spending Tops $1.79 Trillion

The pipeline of planned capital and maintenance project activity within the oil and gas industry being tracked globally by Industrial Info stands at more than 10,821 projects valued at over $1.79 trillion.

The latest data on the trends and drivers shaping the outlook were presented in Industrial Info’s March 6 Asia Pacific Market Outlook webInar.

Meanwhile, oil price climbed on Monday on the back of a drop in the number of United States rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand.

Brent sweet crude was at $65.70 per barrel, up 21 cents, or 0.3 percent, from their previous close.

U.S. energy companies last week cut oil rigs for the first time in almost two months with drillers cutting back four rigs, to 796, Baker Hughes energy services firm said on Friday.

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