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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Donald Trump’s Plans for Fracking Industry

Now that Americans have elected Donald Trump into office, we can expect American oil and gas production to surge. Going by his campaign promises, Americans will see more fracking, more pipelines, and no carbon tax. Trump has promised to repeal the Environmental Protection Agency regulations that would curtail carbon dioxide emissions from power plants — […]

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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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Iran Invites Bidders for Oil and Gas Fields

The Organization of Petroleum Exporting Countries (OPEC’s) third largest oil producer, Iran, plans to revive its energy sector, following the lifting of international sanctions, by offering oil and gas fields to international bidders. Iran has been trying to restore its oil industry since emerging from international sanctions over its nuclear program earlier this year. The […]

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Saudi Arabia’s Hostage

Almost two years ago, the increased oil production by Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, drove down oil prices to nearly $50/bbl, the price at which many shale producers could not break-even, initiating an economic oil war against the United States. But their plan has backfired, since OPEC has failed […]

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Forget OPEC — the next big energy story is the US election

Business Insider by: Elena Holodny All eyes have been glued on Saudi Arabia, Iran, and other major OPEC and non-OPEC producers amid lower oil. But there’s a big energy story that folks are missing. And it’s much closer to home. “There’s another big story out there as well, which is the US presidential election,” Eurasia Group CEO Robert Johnston told Business […]

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Why oil decline could get ugly again

CNBC By Patti Domm Still drilling at four-decade highs, the U.S. oil industry could help drive another price collapse in crude this spring. OPEC Secretary General Abdalla Salem el-Badri told a conference this past weekend that the cartel’s policy has hurt the U.S. shale oil industry and triggered a global reduction in capital spending that […]

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