Russia Cuts Oil Output, Per Agreement with OPEC

Russia cut its oil production in early January by around 100,000 barrels per day (bpd) from December, after a signed deal with Organization of the Petroleum Exporting Countries (OPEC). The production cut is a third of what Russia has pledged. In December, non-OPEC producers agreed to ax production by 600,000 with half of the contribution […]

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OPEC Cuts Production in First Agreement Since 2008

At the Organization of the Petroleum Exporting Countries (OPEC) Meeting on November 30 in Vienna, it was agreed upon that overall production would be cut by 1.2 million barrels a day, pushing oil prices up by almost 10%, above $50 a barrel. OPEC produces a third of global oil, or around 33.6 million barrels per […]

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OPEC Still Planning on Freeze Despite Increase in Production

October proved to be a record month for the Organization of the Petroleum Exporting Countries (OPEC) for oil production, with 33.54 million barrels per day (b/d) being pumped per day. S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, surveyed OPEC and oil industry officials and […]

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Russia and Saudi Arabia to Stabilize Oil Market

Representatives from the Organization of the Petroleum Exporting Countries (OPEC) met with Russian Energy Minister Alexander Novak at the Gulf Cooperation Council (GCC) conference in Riyadh on Sunday to discuss a plan to stabilize the oil market. Russia is the world’s largest oil producer but not a member of OPEC and its budget has been […]

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Justice Department Set to Block Oil Merger

The U.S. Justice Department is preparing to the stop the merger of Halliburton Co. and Baker Hughes Inc., according to the Wall Street Journal. The nearly $35 billion deal was struck to merge to the world’s second and third largest oil commodities. The impeding lawsuit would be the largest opposition the deal has faced since […]

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U.S. Continues To Be Leading Importer of Oil

Congress voted to lift the 40-year ban on U.S. oil exports in December 2015, while attempting to propel America into a leading oil exporter. Yet, nearly four months later, oil imports reached a three year high according to Bloomberg Business Week. As of March 25, the U.S. imported 7.9 million barrels of oil a day. […]

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Non-U.S. Shales Prove Difficult to Crack

Wall Street Journal By JUSTIN SCHECK and SELINA WILLIAMS After spending more than five years and billions of dollars trying to re-create the U.S. shale boom overseas, some of the world’s biggest oil companies are starting to give up amid a world-wide collapse in crude prices. Chevron Corp., Exxon Mobil Corp. and Royal Dutch Shell […]

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Cheap oil’s victims: Civeo slashes over 1K jobs

Gas at $2 a gallon isn’t good for everyone. More than 1,000 employees at Civeo (CVEO), a provider of housing for oil workers, have lost their jobs in recent months. There’s concern this is only the beginning of the energy sector layoffs. Now that crude oil has plunged to nearly $50, Big Oil companies like […]

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