Reliance Industries Ltd., India’s leading company by market capitalisation, reported a quarterly net profit dip of 1 per cent on the back of dwindling global crude prices that impacted product prices and refining margins. Chairman and Managing Director Mukesh Ambani stated: This was a transformational year for Reliance. For full story, click here
Crude prices dipped 4% in the last week and are trading 2% down. Crude holds USD 50 per barrel and USD 55 per barrel on the higher side is the resistance. For full story, click here
Prices for petroleum products the staples of transportation and home heating in the United States could skid below the cost of the crude oil from which they’re made as demand dips and supplies brim. For full story, click here
Global economic crisis and dip in crude oil prices will not deter state-run Oil and Natural Gas Corp from committing to investment of billions of dollars in improving output and diversifying into refining and petrochem business. ONGC Chairman and Managing Director R.S. Sharma said: Despite global slowdown, we shall not slowdown our investments. For full [...]
OPEC oil producers are seen laying basis for tightening the market and oil prices are likely to respond by rallying later this year. Ed Morse, managing director of LCM Commodities, said: It is inevitable that the oil market will tighten this year. The only question is when. For full story, click here
Asia’s largest oil and gas producer, PetroChina, surged 2.1 percent to HK$5.94, tracking a 4 percent hike in crude oil prices overnight, but gains were capped by a slight pullback in oil prices on Wednesday after data showed U.S. crude inventories rose much more-than-expected last week. 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 [...]
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
Algeria has projected total oil receipts for 2009 to reach between US$30 and US$40 billion, compared to US$78 billion in 2008, as the prices of crude in international market continues on the downward trend. For full story, click here
Low crude prices are dragging down Nigeria’s growth expectations, foreshadowing a dramatic slowdown in an economy that was teetering even in the good years. For full story, click here
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