Category Archives: OilGas
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Oil Prices Steady Before Holiday
Posted on December 27, 2023 by Diligentia News in OilGas.Crude oil prices were trading slightly down on Friday afternoon, just hours before the weekend and the Christmas holiday, reasonably unaffected by Angola’s decision to quit OPEC. The price of a barrel of WTI was trading at $74.03, $0.07 down on the day, or a 0.09% dip. Last year, the Friday before Christmas saw WTI […]
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No takers for rupee payment for oil imports
Posted on December 26, 2023 by Diligentia News in OilGas.India’s push for rupee to be used to pay for import of crude oil has not found any takers as suppliers have expressed concern on repatriation of funds and high transactional costs, the oil ministry told a parliamentary standing committee. The default payment currency for all contracts for import of crude oil is US dollar […]
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First rupee payment for oil to UAE: India looks for more deals, no targets: Officials
Posted on December 26, 2023 by Diligentia News in OilGas.India’s first-ever payment in rupees for crude oil purchased from the UAE is helping the world’s third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets. With the nation more than 85 per […]
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IOC, BPCL, HPCL in talks to raise ₹5,500 crore by securitising licence fee
Posted on December 26, 2023 by Diligentia News in OilGas.Indian Oil, Bharat Petroleum and Hindustan Petroleum are discussing plans to raise ₹5,500 crore by securitising the licence fee they get from their petrol pump dealers as part of the government’s push for asset monetisation by state companies, according to multiple people familiar with the matter. Top company executives at three state-run refiners have discussed […]
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Two Elections that Will Impact Energy and Geopolitics in 2024
Posted on December 26, 2023 by Diligentia News in OilGas.The New Year will bring not only new leadership to key energy venues around the world, but it will also bring impactful developments in the run-up, as incumbents act to secure their destinies at all costs. From Russia to Venezuela and the United States, with a stage-setting surprise already unveiled in Argentina, this is one […]
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Red Sea Ship Attacks Pose Threat To West Asian Crude Oil Supply
Posted on December 26, 2023 by Diligentia News in OilGas.The rising attacks on ships, especially oil tankers, in and around the Red Sea may cause a temporary hindrance to India’s petroleum exports from West Asia, given the recent developments. Concerns were raised after two India-bound warships were targeted by drones during the Israel-Hamas conflict, as outlined by media reports. Late on Saturday, Iran-aligned Houthi […]
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India’s Russian crude imports prevented price surge, ‘havoc’ in global oil market, says petroleum ministry
Posted on December 26, 2023 by Diligentia News in OilGas.Global crude oil prices would have surged and created “havoc” in the international oil market had India not ramped up oil imports from Russia in the aftermath of Moscow’s February 2022 invasion of Ukraine, the petroleum and natural gas ministry told the department-related parliamentary standing committee. “If they (Indian refiners) had not imported Russian oil […]
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Year 2023 | From $82 to near $100 and back: How Brent crude moved in 2023 over OPEC+ cuts and more
Posted on December 22, 2023 by Diligentia News in OilGas.Crude oil benchmark Brent futures has moved sideways in the last one year – between January to December 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) as well as the Israel-Hamas war. Oil majors including Saudi Arabia and Russia have since then defended the […]
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Tankers carrying 5 million barrels of Russian oil fail to reach India
Posted on December 22, 2023 by Diligentia News in OilGas.Six vessels carrying almost 5 million barrels of Russian oil failed to reach their destinations in India, some idling kilometers off the coast for weeks without providing a reason, Bloomberg reported on Dec. 20. Recent U.S. sanctions targeting the violators of the $60-per-barrel price cap could partially be the reason, the news outlet speculated. The […]
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GAIL Gas opens 22nd CNG outlet at Surathkal in Dakshina Kannada
Posted on December 22, 2023 by Diligentia News in OilGas.GAIL Gas Limited (GGL) opened its another Compressed Natural Gas (CNG) station at HPCL Vijay Fuels, Surathkal on Tuesday. This is the 22nd CNG station of the company in Dakshina Kannada. The station can serve more than 1,000 small vehicles, LCVs and buses and trucks in a single day. As it is on the NH […]
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