South Korean firms announced that they would continue drilling for oil in an autonomous region of Iraq despite a decision by the central government to ban them from taking part in tenders. For full story, click here
U.K. stocks dipped for a second day as the Obama administration warned some banks will need more government aid and weaker commodities prices pushed mining and crude oil shares lower. For full story, click here
The government had put in place the existing subsidy burden-sharing regime for the petroleum sector as a strategy to cushion domestic fuel consumers from the impact of rising prices of crude oil in the international market. For full story, click here
The government’s decision to withdraw all four affidavits it had filed in the RIL-RNRL gas dispute case has raised several questions. For full story, click here
An export duty on oil of $192.1 per tonne will become effective in Russia from December 1, 2008. For full story, click here
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