Saudi Arabia has scuttled talk of a deal with other big oil nations to cut production and “warned high-cost operators such as U.S. shale drillers to trim costs or go bust, in a stark message that triggered fresh pressure on crude prices,” as the Financial Times put it.
Barack Obama didn’t have time to travel to France in observance of the Charlie Hebdo massacre. He doesn’t have time to meet with Israeli PM Benjamin Netanyahu, either.But it seems Obama is willing to make time to visit Saudi Arabia — and bearing quite a gift in the process.
HOUSTON, Texas – Nine thousand workers are set to be laid off by Texas-based oil giant Schlumberger. The oil tool services company said it must fire 9,000 workers because of plummeting crude oil prices and a slow-down in 2015 production and exploration. The employee reduction comprises about 7.5 percent of the company’s 120,000 global labor force.
