Mexicos Oil Output Drops, Reliance Announces Plans On Purchase From Chevron

"Oil Falls for the First Time in Four Days on Signs Recession Is Deepening"
Crude oil fell for the first time in four days on concern energy demand will decline, after the U.S. economy contracted faster than anticipated....Complete Story


"Reliance Plans to Acquire Remaining Stake in Petroleum Unit From Chevron"
Reliance Industries Ltd., owner of the world’s largest refining complex, plans to acquire the remaining shares of unit Reliance Petroleum Ltd., after the stock dropped 54 percent in the past year....Complete Story

"Obama Budget Hits Oil and Gas Companies with New Fees,Taxes"
The Obama administration Thursday proposed raising at least $31.5 billion over 10 years from oil and gas companies, reflecting a repeal of tax breaks for domestic production and new charges on oil and gas production in the Gulf of Mexico....Complete Story

"Mexico's Oil Challenge Rises with New Output Drop"
Doubts are growing that Mexico can halt a four year decline in crude oil production after its January oil output slumped to a more than 13 year low, due to bureaucratic delays and technical challenges....Complete Story

Crude Oil Industry Headline News

"Total in Fresh Talks with Venezuela on Expanding Ops"
Total is in fresh talks with the Venezuela government about expanding its operations in the South American nation....Complete Story

"Exxon, Chevron Top Analyst Earnings Estimates on Refining Gains"
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. oil companies, exceeded analyst earnings estimates as increased fourth quarter refining profits blunted the impact of a record drop in crude prices....Complete Story

"Mexico's President Meets with Top Oil Cos, Talks Energy Reform"
Mexican President Felipe Calderon met with top executives from some of the world's largest oil companies at the World Economic Forum in Davos....Complete Story

"Nigerian Militants to End Truce in Oil-Rich Delta"
Nigeria's main militant group said on Friday it was calling off a ceasefire after a military strike on one of its camps in the Niger Delta, warning of a "sweeping assault" on the oil industry....Complete Story

"California Rejects Offshore Oil Deal"
California's Land Commission said no to an offshore oil drilling deal saying it would open the door for further offshore development. Environmental groups and the Plains Exploration and Production company....Complete Story