Crude oil owned by French oil explorer Perenco is continuing to be stolen by the Ecuadorean government amid an ongoing tax dispute that is attracting an international audience. For full story, click here
The Russian ruble weakened sharply in early trade Friday, moving close to levels not seen since early spring as international crude oil prices continued to dip. For full story, click here
Economic outlook for the country has shifted remarkably as the Federal Government’s deficit budget is likely going to fizzle out due to surge in crude oil prices to above $65 per barrel in the international markets, Renaissance Capital has stated. 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
India is looking at ending subsidies on petrol and diesel retail prices but has no immediate plans to raise pump prices after the surge in international oil prices. For full story, click here
Crude oil snapped four weeks of gains, trading little changed near $71 a barrel in New York, as fuel demand remained weak even as data showed that the international economy may be recovering from the slump. For full story, click here
Norwegian oil producer DNO International declared that it has received formal approval from Iraq’s regional government in Kurdistan to start exporting crude oil from its field in northern Iraq. For full story, click here
India’s crude oil import bill rose 12.6 per cent to $76.6 billion in 2008-09 as the international oil prices climbed to an all time-high during the first half of the fiscal. For full story, click here
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
Crude prices dipped in most international oil markets after OPEC decided not to change production levels in its Sunday meeting in Vienna. OPEC President, Jose Maria Botelho de Vasconcelos, said: We need to adhere and then in May we can look if other measures can be taken. For full story, click here
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