Global Events Pressure Oil Prices; Shell Divests Cyprus Stake
A refinery attack and major divestment headline a mixed day for crude as Bakken operators watch volatility.
Global crude oil benchmarks were trading lower Friday but remained on track for significant monthly gains, according to Rigzone. Both Brent and West Texas Intermediate prices were down for the day, yet poised for a roughly 20 percent increase over July, Naeem Aslam, CIO at Zaye Capital Markets, outlined in a report cited by the news service.
The price dip coincided with news of geopolitical tension affecting energy infrastructure. Ukraine stated it attacked one of Russia's largest oil refineries, owned by Lukoil, Rigzone reported separately. Such attacks on global refining capacity can introduce volatility into crude and refined product markets, factors that Bakken producers must navigate when hedging production.
In a separate corporate move, Shell has divested its stake in the Aphrodite gas field offshore Cyprus to Hungary's MOL. The company stated the exit is "driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain," according to Rigzone. This type of portfolio high-grading is a common strategy among majors that can influence global capital flows in the energy sector.
For Bakken operators and royalty owners, the day's news underscores the interconnected nature of the global oil market. While strong monthly price gains are a positive signal for cash flow and drilling budgets, immediate price softness and geopolitical events serve as reminders of market unpredictability. The focus for North Dakota producers remains on maintaining operational efficiency amid these external price drivers.
Source
According to reports from Rigzone on July 31, 2026.
