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A substantial part of the growth in the Oil and Gas sector is credited to developing countries like China and India who are witnessing strong economic upliftment. The shift in the demand in European Union as well as Asian countries, for cleaner and environmentally less harmful transportation fuel has also increased substantially. The crude oil prices have continued to increase and reached new high of US$ 110.40/barrel in March, 2008, which was effectively an increase of about 27%. The reasons behind the abrupt price rise were attributed to geopolitical events and unplanned outages of some oil production fields...
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