Category Archives: OilGas
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Two-thirds of LPG sellers hold on to bulk importers to stay afloat in dollar crisis
Posted on December 11, 2023 by Diligentia News in OilGas.The liquefied petroleum gas (LPG) sector in Bangladesh is in serious crisis. About Two-thirds of the 30 LPG companies in the country are now struggling with an everyday task that has become extraordinarily difficult, that of opening Letters of Credit (LCs) to import this indispensable cooking fuel which has also become the go-to for industries […]
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‘Not enough,’ International Energy Agency issues grim assessment of COP28 pledges
Posted on December 11, 2023 by Diligentia News in OilGas.The International Energy Agency (IEA) on Sunday (Dec 10) released its first detailed assessment of the ongoing COP28 climate talks in Dubai, and it couldn’t be more concerning. The experts concluded that despite the commitments made during the summit by more than 100 nations, the world was still off track to cap global warming to […]
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As petroleum-free future looms, oil companies eye investing in renewables
Posted on December 11, 2023 by Diligentia News in OilGas.Petroleum producers are looking for off-ramps to take them off the petrol and diesel highway and turn to renewable sources, both as a survival tactic in a world of petroleum-free transportation and as a gesture to the vociferous climate change chorus. “Oil firms are essentially attempting to figure out how the best presently available cash […]
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China’s Oil Demand Growth Is Set for a Significant Slowdown in 2024
Posted on December 8, 2023 by Diligentia News in OilGas.Crude oil demand in China is set to slow down sharply next year, a survey among 12 industry analysts and consultants carried out by Bloomberg has suggested. According to the results of the survey, oil demand in the world’s biggest importer will decline to 500,000 barrels daily in 2024 as post-pandemic recovery loses steam. This […]
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China’s Oil Demand Growth Is Set for a Significant Slowdown in 2024
Posted on December 8, 2023 by Diligentia News in OilGas.Crude oil demand in China is set to slow down sharply next year, a survey among 12 industry analysts and consultants carried out by Bloomberg has suggested. According to the results of the survey, oil demand in the world’s biggest importer will decline to 500,000 barrels daily in 2024 as post-pandemic recovery loses steam. This […]
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Can OPEC+ Boost Oil Prices Next Year?
Posted on December 8, 2023 by Diligentia News in OilGas.OPEC+ disappointed the oil bulls last week by announcing voluntary cuts from several producers and failing to agree on a group-wide supply reduction, at least for the first quarter of 2024, when demand is typically at its lowest. The alliance and its most prominent members, Saudi Arabia and Russia, rushed to calm the market – […]
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India’s long-term appetite for Russian crude intact despite recent slowdown
Posted on December 7, 2023 by Diligentia News in OilGas.India’s insatiable appetite for Russian crude has suddenly slowed due to a rise in Middle Eastern flows, widespread refinery maintenances and increased scrutiny on ships carrying Russian oil, but inflows are likely to bounce back in coming months and help the largest non-OPEC exporter maintain its position as the country’s top supplier in the foreseeable […]
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ONGC to cut gas flaring, use green power at oil wells: Chairman Arun Kumar Singh
Posted on December 7, 2023 by Diligentia News in OilGas.State-controlled Oil and Natural Gas Corporation (ONGC) plans to wheel green electricity to its installations in the Arabian Sea to replace natural gas it uses in operation of oil wells as part of its ambitious decarbonisation programme, its Chairman Arun Kumar Singh said. India’s top oil and gas producer has substantially cut gas flaring — […]
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Saudi Arabia May Have Set the Price of Its Oil Too High
Posted on December 6, 2023 by Diligentia News in OilGas.Asian buyers could reduce intake of term supplies from Saudi Arabia in January and look to buy more spot crude cargoes after the world’s top crude exporter reduced the price of its oil to Asia by less than expected, traders and refiners told Bloomberg on Wednesday. On Tuesday, Saudi Arabia cut the price of its […]
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Saudi Arabia Cuts the Price of Its Flagship Crude for Asian Buyers
Posted on December 6, 2023 by Diligentia News in OilGas.On Tuesday, Saudi Arabia reduced the official selling price of its flagship Arab Light for Asian buyers in January. This is the first price reduction for the last seven months, Reuters noted in a report, but it is a modest one, at $0.50 per barrel. This is half what analysts expected as a price reduction, […]
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