Category Archives: OilGas
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How OPEC Has Filled America’s Russian Oil Void
Posted on March 22, 2023 by Diligentia News in OilGas.A little over a year ago, the United States government banned the importation of Russian crude, petroleum, oils and products of their distillation, LNG coal and coal products. Whereas the United States was nowhere near as dependent on Russian energy commodities compared to the average European nation, it still imported a significant amount of crude, […]
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India cuts windfall tax on crude petroleum, hikes it for diesel
Posted on March 22, 2023 by Diligentia News in OilGas.The union government on Monday reduced the windfall tax on domestic production of crude petroleum to Rs 3,500 per tonne from Rs 4,400 per tonne. On the other hand, the centre has marginally increased export duty on diesel to Rs one per litre from Rs 0.50 while keeping both petrol and Aviation Turbine Fuel (ATF) […]
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Oil companies breathe easy as global prices dip
Posted on March 22, 2023 by Diligentia News in OilGas.The three public sector oil refiners, Indian Oil, Bharat Petroleum and Hindustan Petroleum, which control over 90% of the domestic fuel retail business, no longer incur any losses on sale of petrol and diesel, three people aware of the matter said. The average international diesel price – used as the benchmark for domestic pump prices […]
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German Federal Government Signals Energy Crisis Aid Is Not Sustainable
Posted on March 21, 2023 by Diligentia News in OilGas.Germany’s government has warned local authorities that the money it has been distributing amid the energy crisis since last year will not become a new norm. “All of this burden sharing is based on decisions taken in exceptional political and economic situations,” deputy finance minister Luise Hoelscher said in the ministry’s regular monthly report, as […]
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U.S. Oil Exports To Europe Hit Record High
Posted on March 21, 2023 by Diligentia News in OilGas.U.S. crude oil exports to Europe hit a record high in March, due to a wide WTI to Brent discount in January which prompted many spot deals for the cheaper U.S. crude, analysts and tanker-tracking firms told Reuters this week. The U.S. has shipped so far in March a record 2.1 million barrels per day […]
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India plans to extend fuel export curbs beyond March
Posted on March 21, 2023 by Diligentia News in OilGas.Indian Oil Corporation (IOC) is the country’s largest oil marketing (OMC). It Is also the largest refiner. Of Late, it has been moving towards cleaner fuel, natural gas. It has quite a few landmark achievements in the area. India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year […]
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Gail inks ethane supply deal with Shell Energy
Posted on March 21, 2023 by Diligentia News in OilGas.Indian state-controlled gas distributor Gail has signed an initial agreement with Shell Energy India to import ethane, as part of feedstock diversification for its petrochemical plant. It is unclear how much ethane Gail is seeking to import from Shell Energy India. But Gail had expressed interest in importing US ethane in February, for 20 years […]
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How India’s gas companies benefit from halving of Spot LNG prices
Posted on March 21, 2023 by Diligentia News in OilGas.A sharp 50 percent decline in spot LNG prices to $14 per MMBtu is a clear positive for most Indian gas companies, according to brokerage firm CLSA Indian city gas distributors such as Indraprastha Gas Ltd. (IGL), Gujarat Gas Ltd., and Mahanagar Gas Ltd. (MGL) should see strong margins in the last quarter of the […]
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OPEC Secretary General Calls For Coordination Between Oil Exporting Countries
Posted on March 20, 2023 by Diligentia News in OilGas.OPEC’s Secretary General Haitham Al Ghais and Iraq’s Prime Minister met over the weekend and called for coordinated action among oil exporters globally in order to reduce volatility in the oil market and avoid adverse impacts for consuming countries, Reuters reported citing a statement by the Iraqi government. The official spoke during a meeting with […]
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Russia Overtakes Saudi Arabia To Become China’s Top Oil Supplier
Posted on March 20, 2023 by Diligentia News in OilGas.Russia was the single largest crude oil supplier to China in January and February, overtaking Saudi Arabia which was the number-one supplier of oil to China last year, according to Chinese customs data cited by Reuters. As China accelerated the buying of cheap Russian crude oil at discounts to international benchmarks, Chinese imports of crude […]
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