New York: Crude oil fell in New York as concern eased that supplies from Saudi Arabia would be disrupted, after security forces crushed a plot to attack oil fields and refineries in the world’s largest producer of petroleum. Oil jumped more than 2% on 27 April after Saudi officials arrested 172 people suspected of planning attacks against oil fields. Prices rose almost 5% for the week as above-average demand and refinery breakdowns fuelled an eight-day, 15% rise in petrol futures.
“The immediate risk has gone down,” said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo. “But this will increase the fear of something happening. We still have this fear premium because Saudi Arabia, one of the biggest suppliers, is so vulnerable.”
Crude oil for June delivery was at $66.13 (Rs2,711.33) a barrel, down 33 cents, on the New York Mercantile Exchange at 9:31am in London. The contract surged $1.40, or 2.2%, to $66.46 a barrel on 27 April, the highest close since 7 September. In London, Brent crude oil for June settlement was at $68.14 a barrel in electronic trading on the ICE Futures exchange at 9:31am local time. (Bloomberg)
PF defaulting firms owe Rs2,500 cr to govt
New Delhi: Establishments defaulting on provident fund dues together owe more than Rs2,500 crore in their contribution to the scheme, the Lok Sabha was informed on Monday.
“There are a number of establishments in default of PF dues and the amount of arrears outstanding from 76,958 defaulting establishments was Rs2,530.07 crore as on 31 March 2006,” minister of state for labour and employment Oscar Fernandes said in a reply.
More than 12,000 cases were pending up to 31 March this year in central government industrial tribunal-cum-labour courts, he said in another reply.
Fernandes informed that the government is considering the formulation of a social security scheme for workers in the unorganized sector.
Consultations, Fernandes said, were also on with different departments, ministries and the National Commission for Enterprises in the unorganized sector over plans to bring in legislation for workers in that category.(PTI)
Mumbai High recovers, crude output up 5.6%
Mumbai: India, Asia’s third-biggest oil user, increased crude oil production by 5.6% last year as output from the nation’s largest oil field rebounded.
Companies including Oil & Natural Gas Corp. (ONGC), India’s biggest oil explorer, pumped 33.99 million tonnes (mt) of crude oil in the year ended 31 March, compared with 32.19mt a year earlier, the oil ministry said in a statement in New Delhi on Monday.
Output from the Mumbai High fields, operated by ONGC, gained 10% to 17.99mt last year. The fields account for more than half of India’s annual oil production. A fire in July 2005 on one of the Mumbai High platforms lowered output from the field by 10.2% for the year ended 31 March 2006. Crude oil production by non-state-owned explorers such as Cairn Energy Plc. climbed 6.1% to 4.83mt, according to the statement.(Bloomberg)