Oil prices rose on Tuesday after dropping 1 percent a day earlier as traders were torn between supply anxieties in Nigeria and the end of winter oil demand.
London Brent crude rose 31 cents to $58.45 a barrel.
U.S. light, sweet crude also recovered some of Monday's losses, trading at $58.67 a barrel on the Globex electronic platform.
OPEC Needs Not to Cut Output
The Organization of the Petroleum Exporting Countries does not need to make any further output cuts to support oil prices, the Center for Global Energy Studies said in a report published yesterday.
This is because lower output, recent cold weather across much of north America and slower than expected non-OPEC output growth has reduced supplies, the CGES said in its latest monthly study.
The report comes after Iran’s oil minister had Saturday predicted that OPEC would not need to make a further reduction at the cartel’s next meeting on March 15, as long as the price of crude remains around current levels. Oil prices have been trading in a range between $55 and $60 during recent weeks.
India's Seeking Energy Overseas
India’s Reliance Industries Limited is seeking for strategic partnership with European companies.
In fact, the company has strategic cooperation agreement under way with Italian energy giant ENI.
ENI holds vast oil and gas reserves in Africa, the North Sea, the Gulf of Mexico, Caspian Sea, Australia, West Asia, Far East and India. ENI is very strong in North Africa and the Caspian Sea and is investing substantially in India and East Timor.
“Strategic interests of ENI may be complementary to those of Reliance,” a source close to Reliance said. RIL chairman Mukesh Ambani met Italy’s Prime Minister Romano Prodi during his recent visit to India and discussed his company’s desire to work closely with the ENI group besides the proposed engagement of Italian companies in the Reliance agro business.
London Brent crude rose 31 cents to $58.45 a barrel.
U.S. light, sweet crude also recovered some of Monday's losses, trading at $58.67 a barrel on the Globex electronic platform.
OPEC Needs Not to Cut Output
The Organization of the Petroleum Exporting Countries does not need to make any further output cuts to support oil prices, the Center for Global Energy Studies said in a report published yesterday.
This is because lower output, recent cold weather across much of north America and slower than expected non-OPEC output growth has reduced supplies, the CGES said in its latest monthly study.
The report comes after Iran’s oil minister had Saturday predicted that OPEC would not need to make a further reduction at the cartel’s next meeting on March 15, as long as the price of crude remains around current levels. Oil prices have been trading in a range between $55 and $60 during recent weeks.
India's Seeking Energy Overseas
India’s Reliance Industries Limited is seeking for strategic partnership with European companies.
In fact, the company has strategic cooperation agreement under way with Italian energy giant ENI.
ENI holds vast oil and gas reserves in Africa, the North Sea, the Gulf of Mexico, Caspian Sea, Australia, West Asia, Far East and India. ENI is very strong in North Africa and the Caspian Sea and is investing substantially in India and East Timor.
“Strategic interests of ENI may be complementary to those of Reliance,” a source close to Reliance said. RIL chairman Mukesh Ambani met Italy’s Prime Minister Romano Prodi during his recent visit to India and discussed his company’s desire to work closely with the ENI group besides the proposed engagement of Italian companies in the Reliance agro business.
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