The better-than-expected numbers for airline holiday travel are quickly reversing, with North American capacity down 10% this week from the prior seven days. That's 1.4 million seats removed from the market, with United the most aggressive cutter, while Delta actually added 5,000 seats to retain its spot as the world's largest airline by scheduled capacity.
Saudi Arabia says it will cut its oil production by 1 million barrels a day, taking on the burden of supporting prices in the energy market as a “goodwill gesture.” The decision came after a meeting between countries that are part of the OPEC oil cartel and allies like Russia that have coordinated their production levels in recent years in an effort to sway the market.
Offshore driller Pacific Drilling has emerged from chapter 11 having completed a balance-sheet restructuring and the implementation of its plan of reorganization. The company, which owns a fleet of seven drillships, filed for bankruptcy in November.
