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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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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Creditors lose historic sums in oil bankruptcies, Moody’s says

FuelFix by: Collin Eaton For the lenders that bankrolled the shale boom, the oil-market crash may leave as much financial wreckage behind as the devastating telecom bust in the early 2000s, Moody’s Investors Service said. On average, banks and bond investors have recovered only about $1 of every $5 they poured into the U.S. oil […]

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Week in Review: March 28th

Amid Coal Bankruptcies, Miners to Rally in Waynesburg for Benefits – Power Source By Daniel Moore Over 5,000 members of the United Mine Workers of America came to Waynesburg, PA to save pensions and healthcare programs for retiring miners. Financial burdens have swept the industry, forcing the annulment of union contracts. During bankruptcy procedures, judges […]

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Gas drillers may pay to help revive solar industry

The Stanley News and Press By John Finnerty HARRISBURG — Gov. Tom Wolf’s plan to tax gas drillers will pump millions of dollars into schools, but it could also help subsidize alternative energy sources like wind and solar. Wolf proposes borrowing $675 million for economic development projects, which will be paid down by $55 million from […]

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A Crude Awakening for General Electric

Bloomberg by Richard Clough Not long ago, oil looked like a black gold mine for General Electric. The company known for toaster ovens and lightbulbs wrapped up a three-year, $10 billion buying spree in 2013 to bolster the growing oil and gas equipment unit that helped GE recover from the financial crisis. The company bulked […]

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