
U.S. President-elect Joe Biden said he hoped to “transition from the oil industry” and put clean energy at the center of a $2 trillion green plan to decarbonize American electricity. (Source: Ron Adar / Shutterstock.com)
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Before Start Of New Oil Pact, OPEC Made Progress Averting Glut
OPEC said on Jan. 17 it had cut oil output sharply in December before a new accord to limit supply took effect, suggesting producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.
Petrobras To Focus On Core Business, Spat With Government To Be Resolved Soon
Brazilian officials on Jan. 3 predicted a quick resolution to a dispute with Petroleo Brasileiro SA (NYSE: PBR) over offshore oil blocks and doubled down on pledges to steer the state-run firm toward its core businesses like oil exploration.
IEA: US Crude Gains, Slowing Global Economy Challenge Oil Market In 2019
U.S. oil production growth combined with a slowing global economy will put oil prices under downward pressure in 2019, challenging OPEC’s resolve to support the market with output cuts, the International Energy Agency said on Jan. 18.