The $30 mark is both a psychological and financial threshold and, in recent days, traders have poured money into $30 put options for expiration in February and March.
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There will be no cut in capital expenditure in oil and gas projects as such investment will help the company sustain or increase output, company says.
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Prices are down around 20 per cent since the start of the year, dragged lower by soaring oversupply, China's weakening economy and stock market turmoil
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The 345.55 billion-rupee refinery is IOC's most advanced plant that can process the heaviest and dirtiest crude oil available at a cheaper rate
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Traders and investors have wondered how long and deep the slide may go with Goldman Sachs saying oil could hit $20 a barrel
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Goldman's drastic scenario was based on the logic that the market might have to undergo a $20 per barrel price shock in order to force an acceleration in the shutdown of unprofitable production
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A move to limit export growth would be a major shift in Iran's policies in an environment when most OPEC and non-OPEC producers are fighting for market share despite a growing global oil glut
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Saudi Arabia, the world's biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran
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Government on Friday (01 January) declared 2016 as the 'Year of LPG Consumers' while unveiling plans to make the clean cooking fuel available to all households by end of 2018 and roll out online bill payment facility and transparent gas cylinders
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A year ago, after oil prices had halved in six months, analysts were forecasting a price recovery in 2015 while many traders were busy shorting the market.
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