Nicosia, Sept 18 : The Organisation of Petroleum Exporting Countries (OPEC) in its latest monthly report has lowered its forecast for 2009 world oil demand to 0.9 million barrels a day (b/d), that is 1.00 per cent, compared with 1.03 per cent, as was the previous estimate.
Oil consumption next year OPEC forecasts will average 87.7 million b/d. The basic reason for the lowering of the forecast is falling demand in the United States which is the largest consumer in the world
Vienna - The price of crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped below the 90- dollar mark on Tuesday, OPEC said on Wednesday.
One barrel (159 litres) of OPEC crude stood at 86.69 dollars Tuesday, down 4.57 dollars from 91.26 dollars on the previous day.
In its latest Monthly Oil Market Report, OPEC lowered its forecasts for global oil demand growth.
Washington - US lawmakers revived a stalled debate about energy on Tuesday and considered comprehensive legislation that would expand oil drilling off US coasts while boosting investment in alternative fuels.
Majority Democrats introduced a bill in the House of Representatives that was touted as a compromise. It allows limited new offshore drilling and offers tax incentives for renewable energy by repealing tax credits for major oil companies.
But on what has been the major sticking point for weeks, minority Republicans in Congress said it did not go nearly far enough in allowing oil companies to drill offshore.
Rostock, Germany - Cost over-runs may double the cost of a world project to build a new kind of nuclear reactor that leaves behind practically no nuclear waste, according to the deputy chief scientist Monday.
The 5.5-billion-euro (7.7-billion-dollar) ITER project, run by the European Union, the United States, Russia, China, Japan, India and South Korea, is building a fusion reactor to generate electricity in Cadarache in southern France.
Indian Oil Corporation (IOC) announced that it has decided to raise the capacity of its Mathura refinery to 11 million tonnes from the present eight million tonnes and was looking forward to early clearance at the Central government level.
While addressing reports, Mr. B N Bankapur, director of Indian Oil Corporation remarked, “We have approached the Ministry of Environment and Forest for clearance to expand our Mathura refinery."
According to the sources, the addition in Mathura refinery has been hanging fire with the Ministry of Environment and Forest for authorization as fears have been expressed about the impact the project might have on the 17th-century monument Taj Mahal.
Nicosia, Sept 18 : The Organisation of Petroleum Exporting Countries (OPEC) in its latest monthly report has lowered its forecast for 2009 world oil demand to 0.9 million barrels a day (b/d), that is 1.00 per cent, compared with 1.03 per cent, as was the previous estimate.
Vienna - The price for cru
Rostock, Germany - Cost over-runs may double the cost of a world project to build a new kind of nuclear reactor that leaves behind practically no nuclear waste, according to the deputy chief scientist Monday.
