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In its monthly oil market report, OPEC predicted the oil bust will force global non-OPEC output to sink by 660,000 barrels a day this year, a 69-percent downward revision of its prior monthly forecast.
Hopes for an international climate accord in Paris this December were buoyed Friday, as the world’s largest economies — the United States and China — joined together to pledge curbs on greenhouse gas emissions and Pope Francis exhorted world leaders to take immediate, “concrete steps” to improve the environment.
Ernest Moniz, the eccentric MIT professor-turned-U.S.-Energy-secretary, by all accounts played a pivotal role in reaching the historic nuclear accord.
U.S. crude continued to sink Tuesday after plunging on Monday to its third-worst single-day fall since the oil bust unceremoniously began in June 2014, under pressure from the threat of financial disaster in Greece and China and the potential Iran nuclear deal.
The U.S. benchmark oil contract fell from nearly $110 a barrel last summer to under $45 this year before a recovery to around $53 in recent days.
It’s all about heat and electricity for tens of millions of Europeans.
Cheap oil threatens to demote the importance of a region already challenged by high costs, environmental concerns, technological obstacles and, in the case of Russia, international sanctions.
Oil powers from Iran to Ecuador have proposed different theories on who’s really to blame for plunging oil prices.
Congressional Republicans have been pushing for approval of the pipeline for years. Obama has resisted because of environmental concerns.
Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said.