The light crude oil prices in the US rose by 50 cents a barrel and ended at $62.91, while the price of Brent crude rose by 61 cents to end at $63.03 a barrel in the electronic trade, in spite of low trading with few traders present due to the Christmas holidays.
Merely days after it threatened to cut off supplies to Georgia, Russian gas giant Gazprom agreed to sell gas to its small Caucasus neighbor, but at more than double the price Georgia pays for its natu
December 16, 2006 -- Following a decision to cut down the oil production by the Organization of Petroleum Exporting Countries (OPEC), a source of more than one-third oil of the world, in the United States on Friday, the oil prices soar to above US$63 per barrel.
There has been another flare-up in the price of oil, the most in more than one week, as speculation is rife in the markets about OPEC deciding to cut oil output yet again, the second time this year. Such a cut is probably aimed at ensuring that the oil prices stay hiked up, instead of falling down.
Russia-based oil giant Gazprom is reportedly talking with Royal Dutch Shell Plc about “Sakhalin 2-related issues”. Gazprom is rumored to be taking a very big interest in the liquefied natural gas (LNG) project, which is 55 percent owned by Shell.
The Organization of Petroleum Exporting Countries (OPEC) has not yet reached on a decision of further cut in the oil production as the member countries have split on the issue. In an emergency meeting in Doha in October, this international organization of eleven developing countries had decided to cut output by 1.2 million barrels per day (bpd), starting Nov.
Geopolitical concerns and the suggestions by Saudi Arabia’s oil minister that the Organization of Petroleum Exporting Countries (OPEC) could further reduce output boosted the oil prices to surge higher Tuesday in Asian trading hours.
Soaring global crude oil prices, which are totally based on ‘speculations’, have trimmed off the country's economic growth rate by 1 percent, the Indian Finance Minister P Chidambaram said at the India Economic Summit on Sunday.
Rescue workers on Friday found two more dead bodies near the site of a gas pipeline explosion in Indonesia's East Java province, pushing the death toll to 10.
