“I think this is very pragmatic, $40-$50 this is a pragmatic price for 2009,” said Qatari Oil Minister Abdullah al-Attiyah.

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Iranian oil Minister Gholamhossein Nozari announced discovering of new gas field with 6 Trillion cubic meter reserve.

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Oil prices rose nearly 4 percent on Friday, settling above $51 a barrel on support from firmer stock markets and a weaker U.S. dollar.

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Financial markets were closed Monday for a sharp downturn in Europe and the less the United States. This decline coincided with a sharp fall of crude prices in the face of rising U.S. dollar and stocks of oil and non-reassuring economic data.

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Royal Dutch Shell said on Tuesday that it negotiates with Chinese governmental oil companies to bring joint offers for oil projects in Iraq.

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International Energy Agency said that “global demand for oil will decline by 2.4 million barrels per day in 2009, and that economic recovery will not happen until next year.”

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Sakhalin Energie” Company Operator of “Sakhalin – 2″ and both “Gazprom” and Anglo – Dutch “Shell” has signed a Convention for the supply of nearly one million tons of LNG per year each in the period from 2009 until 2028.

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WHEN the going gets tough, the solvent get buying. That, roughly, was the philosophy of the titans of the oil industry last time the price of their product plummeted, in the late 1990s.

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 Oil prices settled above $52 a barrel on Friday, slightly lower on the day after a report that U.S. unemployment in March soared to a 25-year high.

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The price of oil soon will soar again. The present price of a barrel of oil, $50 or so, is below the price needed to meet current demand for a sustained period of time, and it is well below the price needed to meet global demand as the world economy rebounds.

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