Category Archives: OilGas

  • Saudi Arabia’s Non-Oil Revenue Hits 50% Of GDP

    Posted on March 18, 2024 by Diligentia News in OilGas.

    For decades, Saudi Arabia has been regarded as the de facto leader of OPEC and a swing-producer critical to curtailing large price overshoots in either direction. Over the past few years, the Arab nation has borne the lion’s share of OPEC+ production cuts after recently agreeing to cut 1 million barrels per day or nearly […]

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  • Saudi Arabia’s Non-Oil Revenue Hits 50% Of GDP

    Posted on March 18, 2024 by Diligentia News in OilGas.

    For decades, Saudi Arabia has been regarded as the de facto leader of OPEC and a swing-producer critical to curtailing large price overshoots in either direction. Over the past few years, the Arab nation has borne the lion’s share of OPEC+ production cuts after recently agreeing to cut 1 million barrels per day or nearly […]

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  • No delay over IOC-Mercator petroleum deal: DIPAM

    Posted on March 18, 2024 by Diligentia News in OilGas.

    The Department of Investment and Public Asset Management (DIPAM) has clarified that its approval was not sought for Indian Oil Corp’s acquisition of Mercator Petroleum Ltd through the insolvency process and that there was no delay on its part that affected closing of the transaction Responding to a March 13 ET report that said IOC’s […]

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  • Union Minister Launches Indian Oil’s ETHANOL 100 Automotive Fuel”

    Posted on March 18, 2024 by Diligentia News in OilGas.

    Hardeep Singh Puri, Union Minister for Petroleum & Natural Gas and Housing and Urban Affairs, launched ‘ETHANOL 100, a revolutionary automotive fuel at Indian Oil Retail Outlet M/s. Irwin Road Service Station, New Delhi today. Customers can avail ETHANOL 100 at select 183 retail outlets of Indian Oil across five states – Maharashtra, Karnataka, Uttar […]

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  • India’s oil imports to be disrupted as US-Venezuela tensions escalate

    Posted on March 18, 2024 by Diligentia News in OilGas.

    Indian imports of cheap Venezuelan oil, the country’s fifth-biggest crude supplier in 2019, may face disruptions from April as the US and the South American country are embroiled in a dispute over renewing a six-month permission for crude exports. Uncertainty over Venezuelan supplies for Indian refiners comes amid reduced discounted Russian flows also targeted by […]

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  • Bloomberg Survey: Brent To Exceed $80 By Year’s End

    Posted on March 18, 2024 by Diligentia News in OilGas.

    The Brent crude oil benchmark is set to exceed $80 per barrel by the end of this year, according to a new Bloomberg Intelligence oil price survey. The survey showed that the majority of respondents—53%–see Brent crude oil prices above $80 per barrel at the end of 2024. A much smaller percentage—5%–see crude oil prices […]

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  • Russia Oil Revenue Falls As Some Buyers Shun Its Crude, IEA Says

    Posted on March 15, 2024 by Diligentia News in OilGas.

    Russia’s oil-export revenue declined in February as tougher monitoring of western sanctions against the Kremlin reduced some buyers’ appetite for the nation’s barrels, according to the International Energy Agency. The top-three global oil producer earned $15.69 billion from crude and petroleum product exports last month, down 0.95% from January, the Paris-based agency said in its […]

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  • Brent Soars Past $85 As IEA Recalculates Supply, Demand

    Posted on March 15, 2024 by Diligentia News in OilGas.

    Crude oil prices hit a four-month high on Thursday, with the U.S. benchmark crossing over the $80 mark and Brent passing $85 per barrel after changes in supply and demand predictions that bring OPEC+ and International Energy Agency (IEA) forecasts into closer alignment. After gaining nearly $3 on Wednesday, at 3:43 p.m. ET on Thursday, […]

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  • India Poised for $4.95 Billion Natural Gas Infrastructure Investment

    Posted on March 14, 2024 by Diligentia News in OilGas.

    India is expecting significant investment of 410 billion rupees ($4.95 billion) to build a natural gas pipeline infrastructure in its northeastern states and the federal territories of Kashmir and Ladakh. This investment is part of India’s efforts to increase the use of cleaner fuel and reduce carbon emissions. Prime Minister Narendra Modi aims to raise […]

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  • India Faces Clean Energy Challenges As Energy Demand Soars, Global Fossil Fuel Subsidies Rise

    Posted on March 14, 2024 by Diligentia News in OilGas.

    The 2022 global energy crisis, together with India’s growing energy demand, has led the country to adopt a hybrid approach, expanding all forms of supply in 2023. This approach has pushed India’s total energy subsidies to 9-year high of Rs 3200 billion (USD 39.3 billion) for the fiscal year ending 2023, states new report titled […]

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