23.03.2017) Pricing Fortnight for 16.03.2017 (Feb 25, 2017 to March 13, 2017) Crude Oil (Indian Basket) ($/bbl) 49.49 (49.64) 53.70 (Rs/bbl 3239.41 (3247.61) 3583.94 Exchange Rate (Rs/$) 65.46 (65.42) 66.74RG/SA Daily Crude Oil Price
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 49.49 per barrel (bbl) on 24.03.2017.
In rupee terms, the price of Indian Basket decreased to Rs.
This was lower than the price of US$ 49.64 per bbl on previous publishing day of 23.03.2017.
3239.41 per bbl on 24.03.2017 as compared to Rs.
as mentioned in
Rig operators and maintenance crews, the forgotten casualties of the oil price crash
Meanwhile the engineering companies which keep the North Sea machine running have been the forgotten casualties of the oil price crash.
However, in recent weeks Wood Group’s £2.2bn takeover of Amec Foster Wheeler has shone a light on the rig-operators and maintenance crews of the oil field services sector.
The first thing upstream companies did as oil prices fell was to cut costs.
As prices have recovered, the upstream companies have been the first to get their cash flows in order before increasing their budgets again.
“When the price started to fall quite rapidly, many companies would have had a reasonable backlog of work [to help] them through the darker days.
as mentioned in
OPEC under pressure as oil price gains fade
With oil prices marginally above $50/barrel on Monday morning, OPEC will have to tread carefully as oil market volatility persists amid stiff competition from US oil producers.
Despite strong compliance from OPEC, the oil market has not responded bullishly as the rebound in US oil production has applied downward pressure on oil prices, threatening to undo its strategy of curbing output.
Prospects of further growth in US oil output have also changed the tide and analysts are questioning whether this will motivate a reassessment of the prevailing tactic.
OPEC now faces a market that has significant doubts over the effectiveness of the output cuts.
Platts senior editor Eklavya Gupte , looks at some of the options OPEC now has as it faces a market that harbors significant doubts over the effectiveness of the oil output cuts.
collected by :Jack Alex