With the Organization of the Petroleum Exporting Countries (OPEC)-plus alliance having failed to reach an agreement earlier this month to extend production cuts and boost prices, the Saudi-led cartel and former oil ally Russia are entrenched in a battle to see which one can hold out longer in an oversupplied global market, Fitch Solutions Inc. analysts said Thursday.
Richards
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The U.S. Court of Appeals for the Third Circuit has refused to reconsider its decision to throw out a ban on oil and natural gas drilling in the Allegheny National Forest. Judge Jane Richards Roth denied a petition for panel rehearing and rehearing en banc that was requested by the Sierra Club, the Allegheny Defense Project (ADF) and Forest Service Employees for Environmental Ethics, which are appellants in the case Minard Run Oil Company v. United States Forest Service et al. (Case No. 1-09-CV-125, Appeals Docket No. 10-2332). Last September the appeals court’s three-judge panel ruled that the U.S. Forest Service could not refuse to give operators permission to drill in the forest while an environmental impact study was being conducted (see NGI, Sept. 26, 2011).