• The Organization of the Petroleum Exporting Countries (OPEC) reached a deal to cut back on oil production by 1.2 million barrels per day to raise global prices. OPEC nations currently produce about 33.7 million barrels of oil per day. Under the deal, they’ll bring that down to 32.5 million barrels per day, with Saudi Arabia, Iraq, UAE and Kuwait making the biggest cuts. Global oil prices rose nearly 9 percent on the news, with Brent crude rising from $46 per barrel up to $51 per barrel.
• Athabasca Minerals Inc. announced the corporation’s third quarter financial results for the period ending Sept. 30, 2016. Highlights include revenue of $3,745,532 in Q3 2016 versus revenue of $7,929,830 in Q3 2015, a decrease of 52.7 percent, and an increase of 564.5 percent compared to Q2 2016 revenue of $563,638. Gross profit of $1,072,747 in Q3 2016 versus gross profit of $3,354,752 in Q3 2015, a decrease of 68 percent. Q3 corporate aggregate operations tons sold of 63,795 and Susan Lake managed pit tons sold of 1,370,804.
• The report “Proppant Market by Type (Frac Sand, Ceramic & Resin Coated) – Global Trends & Forecast to 2019” analyzes the global proppant market with respect to the market drivers, opportunities, and trends in different regions. The North American region dominates this market with its growing demand for fracturing oil and gas wells. North America is the largest region, both in terms of volume and value, followed by Asia-Pacific. The U.S., Canada, China and Russia are expected to persist as successful proppant markets. Market size was estimated to be about 45.12 million tons in 2013 and is projected to reach 84.20 million tons by 2019, at a CAGR of 10.7 percent from 2014 to 2019.