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Electric light illuminates the derrick tower of an oil drilling platform at a site operated by Tatneft OAO near Almetyevsk, Russia, on Friday, July 31, 2015. Eleven months of surviving with oil below $100 have left Russia hardened enough to endure a monthlong drop to $40 a barrel, a survey of economists showed. Photographer: Andrey Rudakov/Bloomberg

Distress in the oil patch is spurring a new type of joint venture

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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.
People wave Russian flags as they look at Russian President Vladimir Putin delivering a speech on a screen on March 18, 2014, in Sevastopol.  (VIKTOR DRACHEV/AFP/Getty Images)

How cheap oil is squeezing Russia’s economy

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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.
Abdalla El-Badri, OPEC secretary-general, gestures as he speaks during a news conference following the 167th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Friday, June 5, 2015. The Organization of Petroleum Exporting Countries has exceeded its own target of 30 million barrels a day for 12 straight months. Photographer: Lisi Niesner/Bloomberg *** Local Caption *** Abdalla El-Badri

OPEC’s El-Badri calls on global oil producers to help curb glut

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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.
Chesapeake CEO Doug Lawler speaks at the IHS CERAWeek energy conference in Houston on March 4, 2014. (Mayra Beltran/Houston Chronicle)

Chesapeake halts preferred stock dividends

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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.
(Bob Owen/San Antonio Express News)

Solar power hits the brakes amid incentive cuts in Asia, Europe

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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.
Kurdistan needs oil revenue to mobilize its peshmerga fighters in the battle against the Islamic State. (PHOTO: AHMAD AL-RUBAYE/AFP/Getty Images)

Oil plunge imperils Iraq’s fight with Islamic State, Abadi says

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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.
(AP file photo/Sue Ogrocki)

Valero raises dividend

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U.S. refiners have fared better than other parts of the energy industry during the downturn, as cheaper crude prices have boosted their margins
Nigerian oil minister Emmanuel Ibe Kachikwu (L) speaks during the 7th Gulf Intelligence UAE Energy Forum meeting in Abu Dhabi, on January 12, 2016.         
Kachikwu said that he expects an extraordinary meeting of the oil cartel in "early March" to address nosediving crude prices.

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OPEC nations talk oil policy at Davos

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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.
(ALEXANDER KLEIN/AFP/Getty Images

As crude’s crash punishes Venezuela, calls for OPEC help grow

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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.
A boat of tourists moves on Dubai creek, with the city skyline in the background in Dubai, United Arab Emirates. (AP file photo/Kamran Jebreili)

Cheap oil means 1,500 Middle East bankers looking for jobs

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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.