Crude oil

Permian drillers' $100 million pledge for the region

Photo: Benjamin Lowy/Getty Images

Oil companies active in the Permian Basin are jointly pledging $100 million over several years toward education, infrastructure, housing needs and workforce training in the region at the epicenter of the U.S. production boom.

Why it matters: The weekend announcement from the Permian Strategic Partnership is a recognition that the oil surge is also creating problems in the region. The influx of workers and development has strained local roads, public services and caused housing shortages in the part of Texas and New Mexico that's now producing roughly 3.6 million barrels per day and climbing.

The OPEC-Russia production cut isn't a done deal

Saudi and Russian energy ministers
Saudi Energy Minister Khaled al-Faleh (L) and Russian Energy Minister Alexander Novak (R). Photo: Amer Hilabi/AFP via Getty Images

"Russia’s energy minister insisted the country and its allies in OPEC need to watch the oil market in the coming weeks before making any decisions to cut output," Bloomberg reports.

Why it matters: The Russian wavering is a sign of tricky negotiations looming in Vienna next month with OPEC and allied producers will discuss dialing back production to prop up prices, which have tumbled by roughly $20 per barrel since early October.

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