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OPEC set to cut production in 2017

Posted by PortVision on Jan 24, 2017 6:07:00 AM

In an effort to decrease oil inventories, OPEC nations as well as other oil-rich countries, agreed at the end of November to cut their production of oil. As reported in BloombergMarkets, this is the first such cut since 2008. Saudi Arabia, Iran, Iraq, Kuwait and Russia signed on to the agreement of the Organization of Petroleum Exporting Countries (OPEC); Nigeria and Libya were exempt and Indonesia was granted a freeze of its membership. The price of oil immediately rose on the production cut news.

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The POLARizing Debate over Arctic Drilling

Posted by PortVision on Nov 17, 2015 7:08:00 AM

As the demand for fossil fuels grows, energy companies are looking for new ways to access oil and natural gas deposits all over the Earth. The Arctic is estimated by the U.S. Geological Survey to contain 26 billion barrels of oil and 130 trillion cubic feet of natural gas. The incredible value of these deposits make the Arctic the center of a controversy over who has the right to drill for these resources and how they should be extracted.

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