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Joint ventures between oil and gas explorers in the U.S. and their foreign counterparts helped fuel the shale boom. They’re coming back in a new iteration for the bust.
Russia, which relies on oil and natural gas for almost half its fiscal revenue, ran a budget deficit of 2.6 percent in 2015, the highest in five years.
The head of the Organization of Petroleum Exporting Countries said he wants oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone.
The move will save Chesapeake about $170 million a year, the Oklahoma City-based company said in a statement Friday. Chesapeake halted its quarterly common stock dividend in July for the first time in 14 years.
As more countries begin to implement plans to reach climate goals agreed to in Paris last year, the global solar industry will again accelerate to about 20 percent annual growth over the next few years.
The conflict with Islamic State, which swept through swaths of northern Iraq in the summer of 2014, has destroyed economic infrastructure, disrupted trade and discouraged investment.
U.S. refiners have fared better than other parts of the energy industry during the downturn, as cheaper crude prices have boosted their margins
Nigeria’s oil minister, speaking on a panel at the World Economic Forum in the Swiss resort, said the Organization of Petroleum Exporting Countries needs to meet soon as crashing prices force the group to reconsider its current laissez-faire policy.
Brent oil in London has dropped more than 60 percent since November 2014, when OPEC decided to refrain from cutting output in the face of a global oversupply in an effort to defend market share.
The oil slump is draining billions of dollars from the banking system, stock markets are volatile, investment is slowing and global banks are firing workers to boost returns.