Tag Archives: Cut

Hot NEWS – OPEC reaches deal to cut production by 1.2 million barrels in January 2017

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The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut supply by 1.2 million barrels per day (bpd) to 32.5 million barrels, the head of the organization announced.

Ahead of the official announcement, Bloomberg broke the news, quoting an unnamed delegate in Vienna. Crude prices soared more than 7 percent on the report. As of 16:29 GMT, Brent crude was trading at nearly $50 per barrel, while US crude benchmark WTI was above $48.

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Calling the decision “historic,” the organization said the output cut would be in effect from January 1, 2017. The deal was reached after weeks of negotiations, as Saudi Arabia, Iraq and Iran fought for the very last barrel of production. This is the first coordinated cut from OPEC in eight years. Continue reading →

Baker Hughes To Cut Pay In Effort To Avoid More Job Cuts

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Houston-based Baker Hughes Inc. plans to begin a temporary furlough program for some employees.

“In response to challenging industry conditions, Baker Hughes has implemented a temporary 5 percent pay reduction for certain U.S. employees during the last 14 weeks of 2016, while providing those employees four additional paid holidays,” according to a statement provided by a Baker Hughes spokeswoman. “These efforts will allow us to lessen the need for additional workforce reductions while remaining focused on serving customers and maintaining safe, compliant operations.”

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