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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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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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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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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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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Montgomery News By Linda Finarelli MONTGOMERY COUNTY >> A bill by a local legislator to enact a severance tax on natural gas drilling was aired before the House Environmental Resources and Energy Committee Feb. 8, but no committee vote has been taken to date. HB 82, sponsored by state Rep. Kate Harper, R-61, calls for […]
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Forbes.com By: Gaurav Sharma As we approach the midway point of the current trading year, it has become apparent that oil benchmarks would find it hard to escape the $50-$75 per barrel range for the rest of the year, and much of 2016. Macroeconomics of the day also does not point to a dip below […]
Read More 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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Post Gazette By Len Barcousky Diesel exhaust and dust from trucks carrying thousands of loads of coal to the Homer City Generating Station had turned trees along the route black. Those trips — and the accompanying pollution — were eliminated after the Buffalo & Pittsburgh Railroad rebuilt a former Baltimore & Ohio spur line in […]
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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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