Industry News page 9

Stable Oil Prices, Falling Rig Counts - Apr 9th, 09
As oil prices stabilize in the $50 per barrel range for the tail end of the first quarter of 2009, an alarming trend goes unnoticed in the wake of current economic confusion. Lack of investment, oil supply decline could have devastating effect on global economy and lead to new oil price highs.

Oil Slides to $35, Where does it go from here? - Jan 15th, 09
As oil hits $35, major investments to future projects have curtailed, and some companies have resorted to leasing supertankers to store oil offshore.

OPEC Announces Production Cuts of 2.2 Million Barrels, Markets Fail to Respond - Dec 19th, 08
Crude oil prices fall again, hitting lows last seen in the summer of 2004, and continue to fall despite OPEC's announcement to cut an additional 2.2 million barrels per day beginning in 2009.

OPEC To Meet Next Week, Expects to Slash 2 Million Barrels Per Day - Dec 12th, 08
OPEC is set to meet again in Algeria on December 17th, 2008, as crude oil prices hit the $40 mark.

Falling Prices from US Jobs Figures, Recession - Dec 5th, 08
Crude future prices fell again for the 7th consecutive session towards a new four year low, on reports of the largest number of monthly job losses since 1974.