THE already expensive electricity will become costlier. During the past few weeks the PSO has gradually increased the price of furnace oil, the primary fuel used in power generation, by another Rs6,000 per tonne.

… more

State-owned China National Petroleum Corp (CNPC) has cut its annual overseas oil and gas investment plan for the five years ending 2015 to focus on returns rather than output.

… more

Oil prices rose above $82 a barrel Monday after Ireland agreed to a massive bailout of its troubled banking sector, boosting the euro and stemming investor fears that a debt crisis could spread across Europe.

… more

Oil prices crept above $82 a barrel Friday in Asia as investors weighed signs of resolution for Ireland’s debt crisis against possible Chinese measures to contain inflation that could slow economic growth and hurt demand for crude.

… more

The International Atomic Energy Agency (IAEA) has revised up its forecast for global oil product demand growth for 2011, with demand averaging 88.5 million barrels a day, which is 300,000 barrels more in comparison to the previous forecast, RIA-Novosti reports citing a statement release by the agency on Friday.

… more

U.S. crude futures were steady on Thursday after closing at a 25-month high a day earlier, getting support from U.S. government data showing an unexpectedly heavy drawdown in crude and product inventories last week. FUNDAMENTALS * NYMEX crude for December delivery CLc1 was up 5 cents at $87.86 a barrel by 0019 GMT, after settling up $1.09 at $87.81 a
day earlier, the highest close since Oct. 8, 2008.

… more

The world’s biggest gas firm Gazprom said Monday its net profit for the first half of 2010 had risen by more than 66 percent to 508.2 billion rubles (16.5 billion dollars.

… more

WTI oil prices opened Friday’s session trading over $87 a barrel and WTI oil once again nears 2010 highs reached in May as the US dollar sold off on Thursday on this week’s US Federal Reserve dollar printing plans.

… more

Iran has inaugurated a 500 km pipeline which will enable it to increase imports from Turkmenistan and better distribute its own gas to consumers within the country, the semi-official Mehr news agency reported.

… more

Oil prices rose above $85 a barrel on Tuesday, as traders tested the claim of Saudi Arabia, Opec’s de facto leader, that it was happy with prices as high as $90 a barrel.

… more