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Friday, November 21, 2008

RIL oil deals with Kurdistan dubbed illegal by Iraq

Pacts for two oil blocks signed by Reliance Industries (RIL) in Kurdistan have been dubbed as illegal by the Iraq oil minister alleging that companies signing oil deals with Kurdistan Regional Government (KRG) cannot bid for lucrative oilfields contracts in Iraq.

Last year two oil blocks were signed by RIL in northern Iraq with the autonomous KRG. Iraq oil minister has warned any oil produced and taken away without approval of the central government was tantamount to smuggling and will be dealt with accordingly.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jul 03
19:30 ISM Services Employment Index 2 47.2 50.7
20:00 EIA Natural Gas Storage Change 1 55B 48B 96B
20:30 Fed's Bostic speech 2
21:00 4-Week Bill Auction 1 4.24% 4.00%
22:30 Baker Hughes US Oil Rig Count 1 432
Friday, Jul 04
24h Independence Day 0
11:15 Unemployment Rate s.a (MoM) 1 2.9%
14:00 S&P Global Construction PMI 1 48.5 47.9
20:30 BoE's Taylor speech 2
Saturday, Jul 05
21:15 BoE's Governor Bailey speech 3
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