Tag Archives: cuts

Global oil supply to swamp demand in 2019 despite output cuts: IEA

Global oil supply to swamp demand in 2019 despite output cuts: IEAThe IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day. “It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, however, limit any upside,” the agency said. The IEA raised its estimate of growth in crude supply from outside the Organization of the Petroleum Exporting Countries to 1.8 million bpd in 2019, from 1.6 million bpd previously.



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Saudis Say OPEC+ Oil Cuts on ‘Right Track’ to Balance the Market

Saudis Say OPEC+ Oil Cuts on ‘Right Track’ to Balance the Market“The action we have taken, quickly in December and that we’re seeing implemented as we speak, is a lifeline to U.S. shale producers,” Khalid Al-Falih said at a conference in Abu Dhabi. The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed to cut oil output this year to support prices. Crude producers in the U.S. are pumping a record 11.7 million barrels a day, according to the Energy Information Administration.



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Dow closes 660 points lower after Apple cuts sales outlook, weak reading on U.S. manufacturing

Dow closes 660 points lower after Apple cuts sales outlook, weak reading on U.S. manufacturingThe Dow fell 660 points after Apple lowered its quarterly revenue outlook due to slowing iPhone sales in China, spooking stock market investors.



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Pope cuts 2 cardinals from cabinet named in abuse scandal

Pope cuts 2 cardinals from cabinet named in abuse scandalVATICAN CITY (AP) — Pope Francis has removed two cardinals from his informal cabinet after they were implicated in the Catholic Church's sex abuse and cover-up scandal, shedding embarrassing advisers ahead of a high-stakes Vatican summit on abuse early next year.



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Verizon cuts 10,000 workers through buyouts as part of restructuring

Verizon cuts 10,000 workers through buyouts as part of restructuringUS telecomm group Verizon announced Monday it would slash its workforce through a voluntary buyout plan as the company strives to better position itself for the coming of new cellular technology. Verizon accepted 10,400 employees for the buyout, which will grant more than a year’s salary plus a bonus and other benefits, the company said in a statement. “These changes are well-planned and anticipated and they will be seamless to our customers,” Verizon CEO Hans Vestberg said.



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Exclusive: Russia accepts need for oil cuts, bargains with Saudi on details – sources

Exclusive: Russia accepts need for oil cuts, bargains with Saudi on details - sourcesThe Russian Energy Ministry held a meeting with the heads of domestic oil producers on Tuesday, ahead of a gathering in Vienna of the Organization of the Petroleum Exporting Countries and its allies on Dec. 6-7. “The idea at the meeting was that Russia needs to reduce. The key question is how quickly and by how much,” said one source familiar with the talks between Russian oil firms and the ministry.



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President Trump threatens GM with cuts, Ivanka Trump speaks out on emails

President Trump threatens GM with cuts, Ivanka Trump speaks out on emailsPresident Trump threatens to cut subsidies to General Motors in response to its layoffs, Ivanka Trump says there's "no equivalency" between her and Hillary Clinton



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GM Stock Price Shoots Up On Announcement Of Thousands Of Job Cuts

GM Stock Price Shoots Up On Announcement Of Thousands Of Job CutsThe news out of Detroit Monday offered a stark reminder that the fortunes of



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Amazon's Minimum Wage Hike Comes With Cuts To Other Compensation

Amazon's Minimum Wage Hike Comes With Cuts To Other CompensationManagers at an Amazon fulfillment center probably thought they would be



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Exclusive: With more immigrant children in detention, HHS cuts funds for other programs — like cancer research

Exclusive: With more immigrant children in detention, HHS cuts funds for other programs — like cancer researchThe government is diverting millions of dollars from programs including the CDC and the National Institutes of Health.



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