Khaleej Times reported that crude oil prices would touch USD 50 per barrel in H2 this year and may hit USD 75 by mid 2010 if members of OPEC comply with their planned production cuts. For full story, click here
BP has cut-down its production forecast as well as capital spending on the expectation that low oil prices and reduced demand amid the global slump will last through this year and possibly into 2010. Chief Executive Tony Hayward, said: We therefore do not expect a quick recovery, and it would be wise to prepare for [...]
The oil price collapse has weakened the industry’s capacity to increase output and future production may top out at a lower level than earlier expected, the chief executive of major oil company Total said. For full story, click here
The United States government statement that U.S. employers had slashed over a half million jobs in January, the highest yet in 35 years, lead to crude oil prices dropping just below $41 a barrel, way below the high of $147 a barrel last summer. There is a link between layoffs and the demand on oil, say analysts, as those laid off see no need for the daily commute, and buy less of petroleum products like toys and raincoats.
Reliance Industries has shut crude oil production from its Krishna Godavari basin D6 fields after a pipe rupture. For full story, click here
OPEC should cut oil output by “much more” than 1 million barrels per day as inventories were very high, OPEC President Chakib Khelil said. For full story, click here
Reliance Industries (RIL) is expected to produce natural gas from its Krishna-Godavari (KG) basin by February next year, said an official in the petroleum ministry, who didn’t wish to be named. For full story, click here
Oil prices tumbled below $40 despite an announcement from OPEC of a record production cut. For full story, click here
Oil steadied around $40 a barrel on Thursday, near its lowest in more than four years, as further evidence of slowing demand trumped OPEC’s biggest ever production cut. For full story, click here
Oil prices reversed earlier gains, despite news that the OPEC crude cartel had agreed to a record output reduction of two barrels a day at a meeting in Oran, Algeria. For full story, click here
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