Category Archives: OilGas
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As Oil Prices Fall, Russia To Slash Crude Export Duties
Posted on November 16, 2023 by Diligentia News in OilGas.Russia is set to slash its crude oil export duty by 5.7% for December as the price of its Urals blend drops, Bloomberg reported on Wednesday, citing the Russian Finance Ministry. The new duty starting in December is reportedly set to the equivalent of $3.37 per barrel or $24.7 per ton, according to Bloomberg. Last […]
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Brazil to help India boost ethanol production
Posted on November 16, 2023 by Diligentia News in OilGas.Brazil has started sharing technology with India to help it achieve 20% ethanol blending for petrol by 2025-2026, and will send indigenous breeds to improve productivity in the livestock and poultry sector, said Brazilian agriculture and livestock minister Carlos Favaro in an interview. Brazil is the world’s second largest producer of ethanol. Brazil will also […]
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Unwarranted Demand Pessimism Could Lead To Big Oil Price Rally
Posted on November 16, 2023 by Diligentia News in OilGas.Last week, oil prices logged a third straight weekly decline, sinking to the lowest level since mid-July as concerns about demand continue to replace the fear of production outages related to the Middle East conflict. Oil markets have been experiencing a shift in sentiment, with a significant decline in speculative buying also putting pressure on […]
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IEA Raises Forecasts For Global Oil Demand
Posted on November 16, 2023 by Diligentia News in OilGas.Global oil markets won’t be as tight as expected this quarter, as upward revisions to demand are outpaced by upgrades to supplies, the International Energy Agency (IEA) said. The IEA boosted forecasts for world fuel consumption this year on surprising strength in China, and still anticipates a supply shortfall during the fourth quarter. But it […]
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ONGC plans to invest Rs 1000 billion to set up 2 petrochemical plants
Posted on November 16, 2023 by Diligentia News in OilGas.India’s top oil and gas producer ONGC plans to invest about Rs 1000 billion in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition, top company officials said on Wednesday. Crude oil, which companies like ONGC pump out from below seabed and underground reservoirs, […]
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RIL, BP offer condensate from KG-D6 basin
Posted on November 10, 2023 by Diligentia News in OilGas.Indian private-sector refiner Reliance Industries (RIL) and BP are offering seven condensate cargoes from “difficult fields” in the Krishna-Godavari (KG) basin off India’s east coast through an e-auction. Each cargo will consist of 500,000 bl of condensate, and the e-auction will be held on 23 November, according to a tender notice from both firms published […]
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China And India Challenge EU Over New Carbon Tax
Posted on November 9, 2023 by Diligentia News in OilGas.Both India and China continue to denigrate the Carbon Border Adjustment Mechanism (CBAM), or “carbon tax” as it has come to be known, proposed by the European Union. Meanwhile, the EU claims the new scheme is integral to its plan to achieve zero emissions across six earmarked industries. The new tax regime recently moved into […]
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All Eyes On India, Not China, For Future Oil Demand
Posted on November 9, 2023 by Diligentia News in OilGas.For decades, China has been the leading driver of global oil demand growth thanks to an economy that maintained a blistering growth clip for a long stretch. China’s economy managed to expand at nearly 10% annually ever since Beijing embarked on economic reforms in 1978, ballooning from $1.2 trillion by the turn of the century […]
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Oil Demand In Doubt As Saudis Extend Production Cuts
Posted on November 9, 2023 by Diligentia News in OilGas.Last weekend, Saudi Arabia said it would extend its voluntary production cuts of 1 million barrels daily of crude until the end of the year. At the same time, the kingdom left its official selling prices for Asia unchanged for deliveries in the last month of the year as refiners’ margins weakened. The two moves […]
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Oil imports decline 29% in April-September
Posted on November 9, 2023 by Diligentia News in OilGas.India’s crude oil imports fell 29% year-on-year to $63.4 billion in the first half of 2023-24, with a declining trend in the average monthly oil import bill since the September peak of $93.54 per barrel, providing some relief to the exchequer amid ongoing elections and deteriorating geopolitical situation, according to official data. Import volumes rose […]
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