Oil briefly rises above $50 ahead of OPEC
Oil briefly topped $50 a barrel, boosted partly by expectations OPEC will agree on a deep supply cut this week to try to prop up prices. For full story, click here
Archive for December, 2008
RIL shuts oil production from KG-basin after pipe rupture
Reliance Industries has shut crude oil production from its Krishna Godavari basin D6 fields after a pipe rupture. For full story, click here
Oil steady below $45 ahead of expected OPEC cut
Oil steadied below $45 on Tuesday, bolstered by expectations that OPEC will agree its largest supply cut ever, after dropping 4 percent the previous day on persistent worries of a deepening economic slump. For full story, click here
Rosneft not to buy stake in Imperial-Report
Russia’s top oil producer, Rosneft, will not buy a stake in Imperial Energy, which India’s state-run ONGC is acquiring, Indian government and ONGC sources said. For full story, click here
OPEC president wants ‘much more’ than 1 mn bpd cut
OPEC should cut oil output by “much more” than 1 million barrels per day as inventories were very high, OPEC President Chakib Khelil said. For full story, click here
OPEC’s President invites Russia to cut output and join the oil cartel
Chakib Khelil, the President of Organisation of Oil Exporting Countries (OPEC) has expressed the hope that Russia would join the oil cartel to boost its impact on the crude market. For full story, click here
IOC plans to buy sugar mill in Brazil
State-run Indian Oil Corp is planning to buy a sugar mill and set up a refinery in Brazil to produce ethanol. For full story, click here
Oil steady at $44 ahead of OPEC meeting
Oil prices were steady above $44 a barrel in Asia on Tuesday, a day before investors expect OPEC to announce a big production cut. For full story, click here
Oil industry in Texas continues to expand
The oil and gas industry in Texas continues to expand at a brisk pace. The Texas Petro Index, which is a compilation of economic indicators in the oil and gas industry, was 279.6, setting another record. For full story, click here
Independent oil and gas exploration cos deferring drilling
There have been unofficial reports of independent oil and gas exploration companies deferring some of their drilling programs, but the most recent economic indicators still show optimism in the industry. For full story, click here
