London’s Brent crude was off 54 cents at $51.30. The oil market was also closely watching U.S. weekly oil data due out at 10:35 a.m. EST on Wednesday as well as any moves from the Organization of the Petroleum Exporting Countries (OPEC) at their meeting next week. Analysts in a Reuters poll expected the U.S. oil data would show an increase of 800,000 barrels of crude stocks, and a 400,000 barrel rise in gasoline inventories. Distillate stocks, which include heating oil and diesel, were forecast to have risen 600,000 barrels.

The American Automobile Association (AAA) motor group said on Tuesday that U.S. travel for the upcoming Thanksgiving holiday next week would decline for the first time since 2002. OPEC is very concerned about the worsening world economic slowdown, the group’s president Chakib Khelil said in remarks published in El Khabar newspaper on Wednesday. Nigerian Oil Minister Odein Ajumogobia said his country was not pushing for further cuts in oil output.

On Thursday, oil prices declined in the tenth time since the beginning of this month. The cause was a significant increase in U.S. stockpiles of crude oil and gasoline, while energy demand in the country over the previous year dropped significantly due to the economic crisis.

Meanwhile, the leadership of the OPEC has decided to postpone the extraordinary meeting of oil ministers of countries - participating in the international oil cartel on 24 October. Initially the event was scheduled for 18 November in Vienna. The reason to postpone the meeting at an earlier date has been accelerated the fall in world oil prices. Including the OPEC oil basket for the first time in 13 and a half months fell below 70 U.S. $ / bbl.

The fall in prices caused by the fact that tropical storm «Gustave» this will not cause significant harm to the U.S. oil industry. Most of the oil platforms, set on the shelf of the Gulf of Mexico, is not affected by the storm. Therefore, the next days will be possible to return to facilities evacuated staff and begin to rebuild in earlier volumes of oil and natural gas, believed to U.S. Department of Energy.

Recall that in the Gulf of Mexico shelf comes about 26% of the total oil produced in the United States.

The multilateral lender said that in the short to medium term, revenue increases will also allow the Philippines to bolster its expenditure program to undertake much overdue investments in physical and human capital. It would be important that the Philippines continue to monitor the impact of the oil price shock on the poor and contemplate mitigating measures if necessary, the World Bank added.

The World Bank said fuel tax reductions can compromise revenue objectives as taxing fuel is one of the easiest ways to raise revenue – both because collecting fuel taxes is relatively straightforward and because the consumption of fuels as a group is relatively price and income inelastic.

“Third, from a fiscal standpoint, any measures taken by the administration that would weaken the fiscal stance will reflect negatively on markets and is likely to increase borrowing rates for the Philippines,” the World Bank said. “Any such impact would have additional severe consequences on the fiscal situation.”

The World Bank said losses in revenue ultimately mean less resources for the government to fund its priority programs to help Filipinos. In light of these considerations, the Philippines should resist the temptation to cut taxes in the short-term and take the time to develop a longer-term strategy to contend with higher oil prices, which are likely here to stay, the World Bank added.

«LUKOIL» entered into an agreement with PdVSA on the joint study of the Junin-3 block in the Orinoco oil belt rivers in the east. Junin-3 block is located in the zone of heavy oil (ie, with a higher sulphur content, paraffin, smolistyh substances), which consequently requires a more complex mining and processing technologies. «TNK-BP» and PdVSA signed an agreement on joint exploration block Ayacucho-2 oil Orinoco province.

As you know, President of Venezuela ceased relations with western oil companies. In particular, as a result of nationalization of the oil industry Exxon Mobil lost assets in that country. Now for the development of heavy oil and offshore sites will be brought Russian companies.

The price of oil began the session mildly lower on expectations that Tropical Storm Dolly wouldn’t disrupt oil operations in the Gulf of Mexico. The advance increased after comments from a Federal Reserve official sent the dollar higher against major currencies, a trend that in turn sends commodities lower.

Lower oil prices are diverting attention from earnings for the moment. There’s no questions about some negative earnings reports coming out, but we’re starting to think some of them might be company specific and not broader.

On the application of trade union work was suspended for 12 out of 33 oil platforms, reducing production by 400 000 bbl./day. Participants sought strike giving them an additional day off at the end of each two-week shifts on the platform. As claimed in the press, the strike will last for 5 days.

Concern Brazilian Petrobras produces about 1.6 billion barrels oil per day and is the world’s sixth oil company in terms of market capitalization. At the Campos Basin field produced more than 80% of Brazilian petroleum.

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 for processing of Russian oil and petroleum products supply the domestic market. As experts note, such a project would reduce the growth of prices for gasoline.

The volume of processed oil in 2007 (Russia)

The decline in oil prices was the market reaction to the statement by the Iranian authorities, have confirmed their readiness to negotiate with the six mediators on the nuclear program.

Meanwhile, the International Energy Agency (IEA) expected a decline in oil prices in 2009-2010 he worked. Analysts expect oil production increase. However, further, by 2013, the market begins to take shape again deficit, believe in the MEA, since black gold production will begin to fall again, as demand increases.

Falling crude oil prices did not prevent the average U.S. retail price of gasoline from hitting a new record high of $1.08 a liter ($4.11 a gallon) Monday.

Tax holidays are imposed for a period of 10 to 15 years depending on the region and the degree of depletion or deposit before reaching accumulated volume of oil production to 35 million tons of subsoil plots, located north of the Arctic circle within the boundaries of internal sea waters and territorial sea and continental shelf of Russia.