Oil prices dive as Yukos gets lifeline, OPEC says it has capacity
Published:
5 August 2004 y., Thursday
World oil prices plummeted from all-time highs as Russia threw a lifeline to troubled oil titan Yukos and OPEC (news - web sites) said it could still pump oil faster.
New York's benchmark contract, light sweet crude for delivery in September, plunged 1.32 dollars to close at 42.83 dollars a barrel. Earlier it had hit an all-time high 44.34 dollars.
Brent North Sea crude for September delivery skidded 94 cents to 39.70 dollars. It also had set a record a few hours earlier, spiking to 40.99 dollars a barrel. Easing pressure on the market, Russian Justice Ministry officials said Yukos could use previously frozen bank accounts to keep running on a daily basis and pay off back taxes.
Yukos said in a statement that it welcomed the decision, which "will allow us to steadily pay off our tax bill."
The news means that Russia's largest oil producer can immediately settle tariffs on its rail oil exports, which risked being shut down by the end of the week.
Šaltinis:
story.news.yahoo.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »