As ConocoPhillips and Saudi Aramco halted bidding on the construction of the 400,000 barrels per day (bpd) joint-venture Yanbu refinery in Saudi Arabia citing uncertainties in the financial and contracting markets, French oil major Total’s $12-billion joint venture with Aramco also sees a delay as the two firms seek to cut costs.
India may cut fuel price NEW DELHI: India may consider cutting fuel prices if global crude prices and the Rupee stabilise, the oil minister, Murli Deora, said.
Italian oil refiner Saras posted a 10 per cent rise in third-quarter adjusted net profit and said maintenance next year would trim about 60 million euros ($76.8 million) from its core profit.
Coal, the dirtiest source of fuel, will remain the world’s main source of power until 2030 and nuclear will lose market share, the International Energy Agency (IEA) said.
Indian oil company ONGC said it was still awaiting Russia's approval for its $2.6 billion bid for UK-listed oil explorer Imperial Energy, but sources familiar with the situation denied speculation that ONGC wanted to cut the bid price.
Opec may cut oil supplies again, possibly by the end of this month, if prices continue to fall and the world economy weakens further, Opec president Chakib Khelil told Reuters.
The world’s biggest state-owned oil companies are weathering the global financial crisis and the dive in crude prices for now, top executives said, but they warned that $60 oil could soon begin to stymie their investment.
Fluor Corp, the largest publicly traded US engineering and construction company, said its quarterly profit nearly doubled, topping Wall Street estimates, and its shares jumped 9 per cent.
