Although there are more than 40,000 oil and gas fields of all sizes in the world, slightly less than 80 percent of the proven reserves are concentrated in eight countries, of which only Canada and Russia are not OPEC members.
Oil prices gained as much as 1 percent with analysts offering further support; expecting a decline of 1 million barrels of U.S. oil supplies from 363.2 million last week. Oil inventories have not fallen nationwide for two consecutive weeks since January.
Primary Petroleum has focused a majority of its resources in the acquisition of prospective oil and gas acreage in Montana. The Company has a significant land position in the extension of the Alberta Basin Bakken Fairway in Western Montana. As well in Daniels County in the Williston Basin of north-eastern Montana Primary has a 100% interest in the Saturn prospect, which is approximately 50 miles NW of the Elm Coulee Bakken Field.
Even as investors are mulling mixed signals over crude supply numbers from the Energy Information Administration, there are clear indications that the Gulf state leaders have no plans to stop pricing oil in dollars. The rumour had traders hitting the panic button.
Crude oil was poised to dip for a third week on concern a surge in unemployment in the U.S. to the highest in almost 26 years will reduce fuel demand in the world’s largest energy user. For full story, click here
With the international shipping industry facing rough weather, Shipping Corporation of India, the country’s leading shipping firm by fleet size and revenues, has shelved its plan to purchase four very large crude carriers worth $320 million. For full story, click here
Crude palm oil extended gains for the second straight session by adding 0.70 per cent in early trade on the Multi Commodity Exchange on Friday on sustained purchasing by speculators influenced by a firming global trend. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
China’s top offshore oil and gas producer CNOOC Ltd. produced 15 percent more oil and gas in the first quarter, but its total revenue dips 42 percent due to the sharp fall in crude prices. For full story, click here
India’s Mangalore Refinery and Petrochemicals Ltd. announced that it has issued a tender to purchase 650,000 barrels of crude for loading between July 1 and July 15. For full story, click here
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