OPEC and Russia agree to slash oil production
Source: CNN Business
By Charles Riley, CNN Business
Updated 12:22 PM ET, Fri December 7, 2018
London (CNN Business) - OPEC and its allies reached a deal to slash oil production on Friday despite pressure from President Donald Trump to keep pumping.
The cuts will remove 1.2 million barrels a day from world markets, UAE energy minister and OPEC president Suhail Al Mazrouei told reporters. US crude prices spiked nearly 5% to $54 a barrel on the news.
Members of OPEC pledged to reduce their production by 800,000 barrels per day for six months beginning in January. Russia, and other producers outside the cartel, promised to slash an additional 400,000 barrels per day. OPEC members Iran, Venezuela and Libya have been granted exemptions from the cuts.
The deal, which should help eliminate excess supply, caps a turbulent week for OPEC that started with a decision by Qatar to leave the cartel.
Read more: https://www.cnn.com/2018/12/07/investing/opec-oil-prices/index.html
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U.S.Published December 07, 2018 Last Update a day ago
Bull's eye on US' Permian Basin as oil prices rise
By SUSAN MONTOYA BRYAN | Associated Press
Some of the largest energy companies in the U.S. have already invested billions of dollars on claims up and down the Texas-New Mexico state line, tapping one of the nation's richest and most prolific oil and natural gas regions.
Now the stakes just got higher, as the U.S. Geological Survey released a new assessment Thursday that shows portions of the Permian Basin could hold even more promise.
With the potential to double the nation's onshore oil and gas resources, the agency estimates more than 46 billion barrels of oil and some 280 trillion cubic feet of gas are within two formations on the southwestern side of the basin. That's the largest continuous oil and gas resource potential ever assessed.
While agency geologists caution that more study would be needed to determine the profitability of going after the resources, industry groups and top officials within the Trump administration are encouraged and say the assessment underscores the activity that's already happening in the basin.
More at the link.
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https://www.foxnews.com/us/bulls-eye-on-us-permian-basin-as-oil-prices-rise
