Tag: Oil Prices
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Canada’s unemployment rate rises to 7.3% as oil industry continues to suffer
The crash in oil prices is have detrimental effects on Canada’s unemployment rate. The country’s unemployment rate rose to a three-year high of 7.3% in February, marking the third consecutive month that Canada’s jobless rate increased. Canada is one of the world’s biggest oil exporters. At least 8,000 jobs were lost last month in the natural […]
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Exxon spending has been slashed by $20 billion
Even America’s largest oil company can no longer ignore the drastic decrease in oil prices. ExxonMobil has slashed its capital budget spending by $20 billion since its peak in 2013. That’s a 46% decline and shows how oil companies are weathering the oil storm by ditching spending in an attempt to avoid further layoffs and […]
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Iran to massively increase oil output despite OPEC freeze
Iran will not follow in the footsteps of OPEC and Russia as they plan to freeze oil output. Instead, the country plans to pump an additional one million barrels of oil per day. “Iran is not the cause for this turmoil,” Deputy Oil Minister Amir Hossein Zamaninia told CNN’s Fred Pleitgen on Sunday. “We […]
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OPEC president says oil freeze will help stabilize prices
Qatar’s energy minister, Mohammed bin Saleh al-Sada, who holds the rotating presidency at OPEC, says oil prices could climb back above $50 a barrel within a year if the cartel freezes prices. “At the moment the best possible feasible proposal is to freeze at the level of production of January,” al-Sada said in an interview […]
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Oil heads towards $30 a barrel and markets are freaking out
The Dow fell more than 200 points and the S&P 500 slid 1.3% on Wednesday morning as oil took a 4% hit and slide to $30.60 a barrel. The latest oil slip arrives after Saudi Arabia ruled out the idea of cutting production due to deep distrust among oil producing nations. Iran this week also […]
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Iran won’t slow production to help raise oil prices
Iran on Wednesday said it would not restrain oil output as part of a global pact to freeze production and help prop up oil prices. The country’s officials are focused on recapturing the market share that was lost after years of US sanctions. Non-OPEC Russia and OPEC leader Saudi Arabia, have been in talks to […]
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Pirates are even turning their backs on oil
Crude oil has become so cheap that even Nigerian pirates are turning their backs on oil rigs that pass through their waters. A Bloomberg report Monday noted that attacks on vessels shipping oil in the Gulf of Guinea in West Africa have dropped by one-third in the past year while oil prices crashed. The gulf includes the Atlantic […]
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Oil gives up gains as hopes for a production cut fizzle
Oil prices gained 5% on Tuesday but then gave back all that ground as talks between Saudi Arabia and Russia failed to reduce production. Oil ministers from the two countries met on Tuesday and agreed to freeze production at current rates — a small step that will do almost nothing to reduce the massive supply […]
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Oil creeps above $33 a barrel on talk that OPEC might take action
Oil prices managed to hold onto last week’s gains on speculation that OPEC may finally agree to cut production, helping to ease over-supply in the market. Brent crude futures LCOc1, the global benchmark, were unchanged at $33.36 a barrel at 1718 GMT. US futures CLc1 traded at $29.67 a barrel, up 23 cents on Friday’s close. “Some […]
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Oil prices just fell below $27 a barrel
Oil prices are continuing to drop, falling a dramatic 4% on Thursday to end below $27 a barrel. The last time oil dropped below $27 was in 2003. While oil price decreases equal savings at the pump for American consumers, it has also wreaked havoc on global financial markets. Investors worry that the energy market, […]
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Stocks tank as oil hits $30 a barrel
The Dow dropped 250 points on Monday morning as oil prices hit the $30 a barrel price point. The tech-heavy Nasdaq sunk by 2.3% and is preparing to close at its lowest level since October 2014. The S&P 500 was also down 1.6% and off by 9.5% on the year. Wall Street is under growing […]