oil production

Mythology of humans’ natural impulse for empathy Warfare has been a plague haunting the human species ever since our evolution to become Homo Sapiens, finally, around 300,000 years ago in Africa. Etymologically, homo means human and sapiens means wise or knowledgeable. One can see that in this 18th century anthropocentric characterization of our species, the […]

Russia and Saudi Arabia – the two biggest oil producers alongside the US – announced today Monday that they had agreed to extend oil production cuts for a further 9 months to March 2018.
The decision was announced in the form of a statement issued by the Russian and Saudi Energy Ministers, Alexander Novak and Khalid al-Falih.  In their statement they said they would do “whatever it takes” to rebalance the oil market to eliminate the current supply overhang.