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OIL INVESTMENT TUMBLES - 25 MAY 2009
Oil producers have cancelled or delayed 170 billion dollars' worth of investment in recent months, the IEA said in comments published Monday, underlining the impact of the economic crisis.
Falling oil prices, tight credit markets and slumping demand have stunted investment, the International Energy Agency's chief economist Fatih Birol was quoted as saying by France's specialist Petrol Industry Bulletin.
"In recent months, petrol groups have cancelled or postponed about 170 billion dollars (122 billion euros) in investment," he said, adding that the cancelled and postponed projects cut production by 6.2 million barrels per day.
Daily world oil production is about 83 million barrels per day, according to the IEA, which has also predicted demand will drop by three percent this year, the sharpest fall since 1981.
Birol said oil investment was hit hardest in North America and the North Sea, while the Middle East was relatively spared since production costs are lower there.
Falling oil prices, tight credit markets and slumping demand have stunted investment, the International Energy Agency's chief economist Fatih Birol was quoted as saying by France's specialist Petrol Industry Bulletin.
"In recent months, petrol groups have cancelled or postponed about 170 billion dollars (122 billion euros) in investment," he said, adding that the cancelled and postponed projects cut production by 6.2 million barrels per day.
Daily world oil production is about 83 million barrels per day, according to the IEA, which has also predicted demand will drop by three percent this year, the sharpest fall since 1981.
Birol said oil investment was hit hardest in North America and the North Sea, while the Middle East was relatively spared since production costs are lower there.
Industrial Action
The National Union of Mineworkers expresses its support for fellow trade unionists in the Public Sector who today are having to resort to withdrawing their labour (a fundamental right of any worker) and take strike action against these unfair cuts to their pensions and terms and conditions.
T
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Funeral of Gerry Gibson
It is with deep regret that the NUM (Yorkshire Area) announce the Funeral Service details for Gerry Gibson who tragically lost his life at Kellingley Colliery on Tuesday 27th September 2011.The Service in dedication to Gerry a much respected member,work mate & fellow miner will be held in
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Statement from Gerry's Family
We are all truly devastated by Gerry's sudden and tragic death.
We would like to pay tribute to everyone involved in attempts to rescue Gerry - all work colleagues; Kellingley rescue team; the air ambulance team and all other medics who were on site. Their tireless efforts were not i
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Fatality at Kellingley Colliery
it is with deep regret that the national union of mineworkers has to confirm that as a result of a tragic accident at kellingley colliery one of our members has lost his life.
the whole workforce at the colliery are devastated at the loss of a friend and colleague as a result of a roof fall on 502s
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