Crude prices rose almost 20 percent during the third quarter of FY18 from about USD 56 per barrel in October to about USD 67 in December on the back of the efforts by Saudi Arabia and Russia to cut production and curb inventories, geopolitical tensions, Forties and Libyan pipeline outages and lower US oil inventories.
The OPEC (Organization of Petroleum exporting countries) production cut has now been extended till December 2018 with an aim to keep crude prices stable.
With an uptick in the crude prices, the topline of upstream oil companies saw a healthy growth during the quarter ended December 2017. Read More…
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