Jul 16 2008
The Brazilian oil company Petrobras announced the reduction of the volume of oil production by 7% due to the strike of the company. Strike started July 14 and led to a stop 2 oil platforms in the basin Campos Basin off the coast of the State of Rio de Janeiro and to reduce production at [...]
Jul 11 2008
Russian Vice-Premier Igor Sechin offers to build a new refinery in Russia with capacity of 12 million tons. The project cost is estimated at 8 billion dollars. In Russia no such plants built since USSR times. Usually, major oil companies only modernized the old refinery. The State will participate in the construction of new refineries [...]
Jul 08 2008
World market prices for oil fall on July 7, 2008 at the leading oil exchanges declined significantly. Official oil futures prices coming month deliveries were: at the InterContinental Exchange Futures – IPE Brent Crude – 141,87 US$/bbl., at the New York Mercantile Exchange – Light, Sweet Crude Oil – 141,37 US$/bbl. The decline in oil [...]
Jul 04 2008
The State Duma passed a law creating tax conditions for developing the economy of Russia. For oilmen lowered the tax burden on oil. It is the introduction of zero rate tax on mineral extraction (NDPI) to the oilfields with reserves of oil difficult. Tax holidays are imposed for a period of 10 to 15 years [...]
Jun 21 2008
The Minister of Energy Sam Bodman said at a press conference in Jeddah (Saudi Arabia) that high oil prices are primarily caused by insufficient production, not speculation in the market. Saudi Arabia, which is currently the largest oil exporter in the world, can increase production “black gold” to 12.5 million barrels a day by the [...]