Venezuelan oil minister Rafael Ramirez urged OPEC to agree to reduce supply by 1 million barrels per day at an emergency meeting in Cairo Nov. 29 and make the cut take effect before the end of the year. For full story, clik here
Oil prices rose above $50 a barrel in Asia as investors gained some confidence from reports that US President-elect Barack Obama has chosen an economic team to tackle what could be the worst slowdown in decades. For full story, click here
Reliance Industries and the UK’s BG Group, bid for 45 of the record 57 areas put up for auction. For full story, click here
Turkey’s national oil company will explore for oil and natural gas with the American company in the Black Sea in the near future. For full story, click here
India rejected a bid by the U.K.’s Cairn Energy Plc. and its local unit to explore an oil and gas area off the nation’s west coast and awarded 44 fields that were auctioned to bidders this year. For full story, click here
Cairn India extended losses tumbling more than 4 per cent following a sharp fall in crude oil prices. For full story, click here
Vietnam will cut imports of petroleum products by about 3 million metric tons next year as it seeks to curb the widening trade deficit. For full story, click here
U.S. crude futures settled lower yesterday below $50 a barrel, the lowest closing level since May 2005 because of the week economic growth as the world is frozen in a recession phase. For full story, click here
Oil prices Thursday hit levels not seen in more than three years and retail gasoline prices are below $2 across nearly half of the country on dour economic reports suggesting a painful economic pullback. For full story, click here
Share prices of ONGC rose 24 rupees, or 3.7 percent, to 675.10. India’s biggest explorer said oil will return to $100 a barrel, justifying its 1.4 billion-pound ($2.1 billion) takeover of the U.K.’s Imperial Energy Plc. For full story, click here
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