It’s clear Saudi Arabia isn’t coming to the oil market’s rescue any time soon out of fear production cuts will cause the OPEC leader to lose more ground. Oil production has been fueled by a number of factors. First, the cost of drilling keeps getting cheaper thanks to technological innovations made by shale companies and price cuts by servicing firms that provide the drilling equipment.

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The industry’s international trade group has pledged to stop increasing emissions by 2020 even as the number of flights balloons. By 2050, it wants carbon dioxide emissions to be half of what they were in 2005. Military the single largest energy consumer in the country which has turned to the alternative fuels to help wean itself off petroleum for strategic and financial reasons..

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Baghdad also started discussions with international oil companies operating in the oil rich south to revisit the terms of their service contracts. Iran economy was slowed by the sanctions over its contested nuclear program. While sanctions relief has been slow to reach the average Iranian, the country is aggressively moving forward with business deals..

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