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Non-OPEC countries agree to cut oil production by 558,000 barrels per day

Submitted by: Odio @ 03:13 PM | Saturday, December 10, 2016 | (url: https://www.rt.co...)

Non-OPEC countries agreed to cut oil production by 558,000 barrels per day (b/d) during a meeting with members of the Organization of Petroleum Exporting Countries (OPEC) in Vienna.


Among the non-OPEC participants at the meeting were 12 oil exporting countries Azerbaijan, Oman, Mexico, Sudan, South Sudan, Bahrain, Malaysia, Equatorial Guinea, Bolivia, Kazakhstan and Russia.

The 558,000 b/d figure was voiced by Qatar's energy minister at a press conference following the six hour long talks.

OPEC members also confirmed their commitment to the plan to reduce the oil supply by 1.2 million b/d. This, together with the commitments made by non-OPEC states, would lead to the total reduction of oil production by about 1.7-1.8 million b/d, Russian Energy Minister Aleksandr Novak said at the press conference.

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih told the press conference that 2017 would be a good year for the global oil market.

The parties to the negotiations also agreed to form a special group to monitor the observance of the agreement both by the OPEC and non-OPEC countries. The group would consist of three OPEC members and two non-OPEC countries, Novak said.

"This agreement cements and prepares us for long-term cooperation," Saudi Energy Minister Khalid al-Falih told reporters after the meeting, calling the deal "historic".

"Today's deal will speed up the oil market stabilisation, reduce volatility, attract new investments," Novak said.

The deal became the first such agreement between OPEC and non-OPEC countries since 2001. In April, OPEC and Russia tried to reach a deal on oil production which was cut during negotiations in Doha, but failed to come to an agreement, as Saudi Arabia sunk the deal at the last moment.

OPEC made a decision to cut its own output on November 30.


Category: Technology | 38 Comments
Tags: oil

Tom Brady: Trainer and TB12 partner Alex Guerrero 'an incredible influence on my lif

Submitted by: Mr Jimmy Pop @ 07:34 PM | Tuesday, October 13, 2015 | (url: http://blog.massl...)

According to the article, Guerrero claimed to be a doctor who had found a cure for cancer and AIDS, making millions off medicine he said could cure each disease. He then was investigated by the Federal Trade Commission and sued by the government. The FTC announced a settlement with Guerrero in 2005.


Have fun with this TW



Category: Sports | 14 Comments
Tags: oil snake

9 mile oil slick off Santa Barbara

Submitted by: Goshin @ 03:39 PM | Thursday, May 21, 2015 | (url: http://www.bbc.co...)

LOL! Oil pipes!


Clean-up crews are working around the clock as investigators look into how tens of thousands of gallons of oil spewed into the sea off Santa Barbara.

More than 6,000 gallons (22,700 litres) of oil have been mopped from the beach - a fraction of the 20,000 gallons officials say spilled into the sea after a pipe burst on Tuesday.

Federal officials are to excavate the pipe to find clues to how it ruptured.

The company responsible for the pipeline has publicly apologised

The alarm was first raised on Tuesday when authorities received reports of a foul smell near Refugio State Beach around midday (04:00 GMT).

Emergency responders found a half-mile slick in the ocean and traced the origin to a ruptured onshore pipeline spewing oil into a rainwater drain which ran to the ocean.

The pipeline was shut off about three hours later.

Category: Politics | 37 Comments
Tags: oil

BP found negligent by US courts, $18 billion fine

Submitted by: Goshin @ 08:20 PM | Thursday, September 4, 2014 | (url: http://online.wsj...)

I can't believe this verdict in such a pro corporate environment. wow
so big
much scandal

PLC was grossly negligent in the 2010 Deepwater Horizon disaster, a federal judge ruled, handing down a decision that could cost the company as much as $18 billion in pollution fines for the Gulf of Mexico oil spill.

Thursday's decision could leave BP on the hook for far more than the $3.5 billion it had set aside for civil penalties under the U.S. Clean Water Act and likely would easily exceed the biggest previous fine under the statute.

The $3.5 billion was based in part on BP's expectation that the court would rule the company liable for simple negligence. U.S. District Judge Carl Barbier's finding of gross negligence, or more reckless and extreme behavior, means BP faces a penalty of as much as $4,300 for each barrel of crude spilled in the worst offshore oil spill in U.S. history. That is nearly quadruple the maximum civil fine had the finding been simple negligence, which means the failure to take reasonable care.

The judge could impose lower penalties but the fine is likely to surpass the previous record under the act: the $1 billion paid by Transocean Ltd. RIGN.VX +1.91% , the owner of the Deepwater Horizon drilling rig, in a settlement last year.


fuck

Category: General | 33 Comments
Tags: oil