Category Archives: OilGas
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Oil Prices Poised to Bounce Back in 2024
Posted on December 21, 2023 by Diligentia News in OilGas.Crude oil prices are at lows not seen in months. There seem to be few factors capable of changing that. Yet commodity analysts seem to be more bullish when it comes to 2024. The key to that bullishness is demand. Even after the IEA projected faster than previously expected demand growth for next year, traders […]
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OPEC’s 2024 Crude Oil Production Cuts, Explained
Posted on December 21, 2023 by Diligentia News in OilGas.On November 30, 2023, OPEC (Organization of the Petroleum Exporting Countries) and its allies, collectively known as OPEC+, agreed to cut oil production by 1 million barrels per day (bpd) starting in January 2024. This decision was driven by several factors, but it might be helpful to consider OPEC’s motivations. In much of the world […]
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Netherlands overtakes India as Nigeria’s biggest oil buyer
Posted on December 21, 2023 by Diligentia News in OilGas.The Netherlands has overtaken India as the biggest buyer of Nigerian crude oil, marking a change in the dynamics of the West African nation’s energy exports. Data from the National Bureau of Statistics showed the Netherlands bought Nigerian crude oil worth N2.5 trillion in the first nine months of 2023, while India’s imports from Africa’s […]
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Threatening the oil market was a step too far by the Houthis
Posted on December 21, 2023 by Diligentia News in OilGas.With each passing day, the global shipping crisis intensifies due to repeated attacks by Houthi rebels from Yemen on vessels in and around the Bab el-Mandeb strait. These attacks, backed by Iran, are prompting major international shipping companies to announce a halt to navigation in the Red Sea, opting instead for the longer route around […]
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Russia eyes additional oil export cuts of about 50,000 bpd in December
Posted on December 18, 2023 by Diligentia News in OilGas.Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, as the world’s biggest exporters try to support the global oil price. Saudi Arabia and Russia, the world’s two biggest oil exporters, called in December for all OPEC+ members to join an […]
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Analysts Say Oil Prices Unlikely To Hit $100 In 2024
Posted on December 18, 2023 by Diligentia News in OilGas.Surging non-OPEC+ oil production and significant storage space held by the OPEC+ group will continue to put downward pressure on crude oil prices next year, analysts say. Barring a major geopolitical escalation resulting in a large supply outage—which cannot be discounted—, oil prices are unlikely to reach $100 a barrel in 2024 as American oil […]
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India’s Russian oil imports hit 4-month high in November, up 3% on month
Posted on December 14, 2023 by Diligentia News in OilGas.India’s Russian oil imports in November rose to a 4-month high of 1.6 million barrels per day (bpd), up 3.1% from October, making up about 36% of the nation’s overall imports last month, data obtained from trade sources showed. Russia became India’s top oil supplier this year as the south Asian nation was drawn to […]
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Adani to invest $100 billion in green energy transition
Posted on December 14, 2023 by Diligentia News in OilGas.Billionaire Gautam Adani’s group will invest USD 100 billion in green energy transition over the next 10 years across its ports, power and cement operations as it aims to become a net zero emitter by 2050. The conglomerate is expanding its renewable portfolio to 45 gigawatts as well as building three giga factories to manufacture […]
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Oil demand growth in India to taper in 2024 after bumper years
Posted on December 14, 2023 by Diligentia News in OilGas.Oil demand growth in the key Asian market of India is set to slow next year as the spurt in consumption that followed the pandemic fades, echoing a slowdown in China and presenting a fresh headwind for prices. Consumption will expand 150,000 barrels a day in 2024, down from about 290,000 barrels a day seen […]
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Bharat Petroleum may join Reliance, IOCL to secure oil from Venezuela
Posted on December 13, 2023 by Diligentia News in OilGas.India’s state-owned oil refiner Bharat Petroleum Corp may be the latest to join the list of local companies buying Venezuela oil after the US lifted sanctions in October. BPCL is looking at buying Venezuela oil, its head of refineries Sanjay Khanna said at an event on Wednesday. “Our refineries are capable of processing Venezuelan oil […]
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