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OPEC says the decline in oil production outside the cartel will accelerate after the recent slide in crude prices to around $30 a barrel, which has prompted U.S. oil companies to announce deeper capital spending cuts and sharper declines in drilling activity in U.S. shale plays and Canada.
In its monthly oil market report, the IEA said the world’s “unrelenting oversupply” of oil is expected to grow, adding 300 million barrels to the storage tanks around the world, albeit a lower level than this year.
Climate negotiations continued until about 5 a.m. Thursday before resuming midmorning, and a new draft accord is expected to be released sometime during the day, a French diplomat said.
The flood is compounding a worldwide surplus of commodities that’s driven returns from raw materials to the lowest since 1999, threatening producers from India to Pennsylvania and aggravating trade disputes.
Negotiators from both countries said Wednesday they favor sticking to the already established goal of limiting global warming to 3.6 degrees F.
Thirty-three years after Michael Jackson’s sixth studio album was released, and this week is set to be an absolute thriller. What starts off rather calmly today with the closing out of November, culminates with a frenetic Friday and a cracking combination of nonfarm payrolls (aka, official US unemployment data) and the small matter of an OPEC […]
Over the next quarter century, the 240 million people without electricity in India will likely become the biggest force behind global energy demand, the International Energy Agency says in a new report.
If crude prices don’t bounce back by the end of the decade, an era of cheap oil could consolidate more oil-market power into the hands of a few low-cost producers in the Middle East – raising concerns about energy security for oil-importing nations, the IEA says.
A statement by Saudi Aramco said the fraud involved a fake money transfer, without elaborating.
“Price will not go up to a hundred as easily as before,” the former IEA head said.