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President Yoon Suk Yeol said Monday that a potentially massive oil and gas reserve could be buried off the southeast city of Pohang and drilling will begin later this year to determine whether it is real. The reserve off Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul, could hold up to 14 billion barrels of oil and gas, an amount that could ...
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As widely expected ahead of Sunday’s virtual gathering, OPEC and its allies agreed to extend cuts of 3.66 million barrels per day bpd until the end of 2025 and begin phasing out voluntary cuts of 2.2 million bpd over the next 16 months, beginning in September. While markets had expected OPEC and Russia to extend voluntary cuts by a few months due weaker oil ...