oil

A day after Infosys announced that they had agreed to buy out UK based Axon Group for what will go down as the biggest deal in the history of Indian IT services, the foreign arm of India’s largest oil corporation ONGC (Oil And Natural Gas Corporation) ONGC VIDESH did one better by announcing that they had agreed to purchase another UK based company : Imperial Energy .This deal when done will be the biggest deal in the history of  Indian oil companies and is a sure sign that India Inc. is firmly looking to make good buys in the European markets.

·         ONGC and its partners had bagged 20 blocks, BHP Billiton-BP-GVK consortium seven, BP-Reliance Industries one block and HPCL-Mittal combine 3 blocks

The price of crude oil has risen yet again. It has now crossed the $145 a barrel mark and in all probability unless a miracle occurs tomorrow’s weekly inflation figures will also show a rise.

Aditya Rao

For the first time in history oil touched a rate of $140 a barrel. Luckily it managed to stabilize earlier today at $134.This can be attributed to the sudden announcement made by the Saudi Arabian government that it was increasing oil production by Two Hundred Thousand barrels a day.

But the problem is that as much as this is a welcome move to the rest of the world including India and the US, one simply can’t expect oil prices to drastically come down. This is not the first effort made by the Saudi government to contribute to solving the oil crisis. In an effort to stem the lack of oil supply and sky rocketing prices the Saudi government hiked oil production by Three Hundred Thousand barrels a day earlier in the month of May.

Which means