Russia ready to join OPEC in limiting oil production
Wednesday, October 26, 2016
In an effort to help boost oil prices, Russian President Vladimir Putin told the World Energy Congress that his country plans to freeze or cut oil production in an effort to achieve stability in the global energy market.
The announcement was made on Oct. 11, as leaders from some of the largest oil-producing nations gathered in Turkey to discuss some of the issues the industry has been facing.
According to Bloomberg, Putin said if OPEC would agree on limits to its crude production in November, then Russia would back the decision, while still remaining a reliable energy supplier.
Although the international benchmark Brent crude is less than half its price in 2014, it has gained 15 percent since OPEC agreed last month to make its first supply curbs in eight years.
Learn more: Bloomberg > Putin Says Russia Ready to Join OPEC Effort to Limit Oil Supply
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.