The primary cause for the decline in oil prices seems to be speculation by futures traders that the world’s economic situation has worsened and demand for energy will decline. For full story, click here
BP and Reliance Industries (RIL) on Monday signed a production sharing contract for the block KG-DWN-2005/2 with the Government of India. For full story, click here
Reliance Industries is set to double its capacity by starting up its new 580,000 barrels per day plant (bpd) this weekend, creating the world’s biggest refinery just as global oil demand collapses. For full story, click here
Oil fell more than $2 to below $37 a barrel on Wednesday, tracking global equity losses and ahead of U.S. data expected to show an increase in crude stocks. For full story, click here
World oil prices tumbled on Wednesday to strike a four-year low point in London in volatile pre-Christmas trade as economic gloom weighed on the market, analysts said. For full story, click here
Reliance Industries (RIL) is expected to produce natural gas from its Krishna-Godavari (KG) basin by February next year, said an official in the petroleum ministry, who didn’t wish to be named. For full story, click here
Export-Import Bank of the US has come under attack from a group of American Congressmen for a ‘perfunctory’ due diligence on India’s top corporate entity Reliance Industries and failing to detect its ties with Iran. For full story, click here
World oil prices were higher above 43 dollars on Monday in quiet pre-Christmas trade but weakening demand continued to weigh on the market, dealers said. For full story, click here
Britain’s Prime Minister Gordon Brown has said that volatile oil prices remain a threat to the global economy. For full story, click here
Fears of a deepening recession in global economies destroying demand for crude oil drove down price of the commodity to less than $34 per barrel on the New York Mercantile Exchange, its lowest in over four years. For full story, click here
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