Friday, February 6, 2009

Crude Oil Industry Headline News For Friday

"Venezuela Oil Workers Pressure Rig Companies As Woes Mount"
Oil workers aligned with the government of President Hugo Chavez are pressuring rig companies to continue drilling, despite the state's failure to pay for those services at a time of rock-bottom oil prices....Complete Story

"Surge in US Crude Stocks Blunts OPEC Cuts"
Despite OPEC's cut of 1.3 million barrels a day in January, the growing supply glut is a serious setback to the cartel's efforts to curb the crude oil contango....Complete Story

"Crude Oil Falls as U.S. Unemployment Rate Surges, Signaling Lower Demand"
Crude oil fell to a two week low after unemployment in the U.S. climbed in January to the highest level since 1992, signaling that the recession in the world’s biggest energy consuming country is deepening....Complete Story

"Korea National Oil, Ecopetrol Acquire Peru's Petro Tech for $900 Million"
Korea National Oil Corp. and Ecopetrol SA bought Petro-Tech Peruana SA of Peru for $900 million to increase production as falling crude prices reduce the cost of acquiring commodity assets....Complete Story

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