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
Continue reading "Crude oil prices to touch $75 by H2 of 2010"
Wednesday, March 4, 2009
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 [...]
Continue reading "BP cuts back production, capital spending forecasts"
Monday, February 16, 2009
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
Continue reading "World oil production potential weakening: Total"
Monday, February 9, 2009
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.
Continue reading "Oil Price Drops on Job Losses"
Tuesday, December 30, 2008
Reliance Industries has shut crude oil production from its Krishna Godavari basin D6 fields after a pipe rupture. For full story, click here
Continue reading "RIL shuts oil production from KG-basin after pipe rupture"
Monday, December 29, 2008
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
Continue reading "OPEC president wants ‘much more’ than 1 mn bpd cut"
Sunday, December 21, 2008
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
Continue reading "RIL may begin production at KG basin by Feb 2009"
Wednesday, December 17, 2008
Oil prices tumbled below $40 despite an announcement from OPEC of a record production cut. For full story, click here
Continue reading "Oil tumbles below $40 for first time since 2004"
Wednesday, December 17, 2008
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
Continue reading "Oil steady at $40 after 4-year low on demand gloom"
Wednesday, December 17, 2008
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
Continue reading "Oil prices dip despite record OPEC output cut"
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Monday, March 9, 2009