Surging oil prices have become a cause for concern for India and the government is exploring options, including a rise in retail prices to minimise its impact. Oil Minister Murli Deora stated: We are seriously concerned about that crude oil prices are going up in the international market. For full story, click here
Following a dip in crude oil prices, Angola is likely to cut project costs by renegotiating with contractors, so that the producers may be able to mitigate the impact of lower crude prices. Jose Botelho de Vasconcelos, president of the Organization of Petroleum Exporting Countries, said: At any moment, if there is an economic risk [...]
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
Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.
Though ConocoPhillips (NYSE:COP) and Placid Refining Company are both receiving hundreds of thousands of barrels of crude from America’s federal reserves to continue refinery operations, and two rigs in the Gulf have been knocked adrift, the overall impact of Ike appears fairly benevolent to energy companies.
There is little evidence that the conflict between Russia and Georgia has stemmed the slide in crude prices. On Friday, with Russian troops still in control of strategic cities like Gori, crude fell on Nymex trading. Analysts said: Traders have already priced in a large amount of geopolitical risk into the market. In addition, prices already had plenty [...]
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