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BISMARCK, N.D. (AP) — North Dakota's oil industry is coming in even lower than the targets set by new rules that require reducing the amount of natural gas burned off as a byproduct of oil production, the state's top energy regulator said Friday.

NEW YORK (AP) — The rout in oil prices advanced Friday after the International Energy Agency lowered its forecast for global oil demand next year.

In its monthly oil report, the agency said global oil demand in 2015 will grow by 900,000 barrels a day — 230,000 less than previously forecast — to 93.3 million.

JUNEAU, Alaska (AP) — Slumping oil prices have helped push Alaska's potential budget deficit this year to $3.5 billion — an increase of $2.1 billion from what lawmakers expected in April.

BATTLE CREEK, Mich. (AP) — The Canadian company responsible for a 2010 oil spill in southwestern Michigan has agreed to pay about $6.8 million to settle a class-action lawsuit.

PORTLAND, Maine (AP) — Summit Natural Gas has agreed to pay a $25,000 fine to resolve safety violations found by the Maine Public Utilities Commission.

NEW YORK (AP) — The price of oil took another dive Wednesday, plunging to five-year lows amid mounting evidence that global supplies are far outstripping demand.

VIENNA (AP) — Saudi Arabia's oil minister is suggesting there is no need for OPEC to cut output despite a major fall in prices that has some other cartel members hurting.

A new CME Group report suggested that if natural gas only increases its share of energy use for transportation from the current 3% to the 7-10% range over the next five years, the result would translate into a dramatically faster closing of the energy price gap.

TMK-IPSCO, the American Division of global pipe manufacturer TMK, will reduce the number of operating hours used to produce welded pipe at its Blytheville, AR, Camanche, IA and Wilder, KY plants. In addition, the 8-inch welded pipe mill at Wilder will be idled. In total, the number of operating hours at TMK IPSCO’s welded pipe plants will be reduced by 30%.

PECO continues to expand its natural gas system, celebrating the significant milestone of providing natural gas service to more than 500,000 customers in southeastern Pennsylvania.

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