Category Archives: OilGas
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IEA cuts forecast for growth in oil demand in 2024; no impact of Israel war yet
Posted on October 12, 2023 by Diligentia News in OilGas.The International Energy Agency (IEA) on Thursday lowered its forecast for growth in oil demand in 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous […]
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India will invite bids for gas distribution licences, official says
Posted on October 12, 2023 by Diligentia News in OilGas.India will invite bids for city gas distribution licences in five north-eastern states and two union territories, A. K. Jain, chairman of the Petroleum and Natural Gas Regulatory Board, said on Thursday. India is seeking to boost the use of cleaner fuel to cut its carbon emissions, and has set a 2070 goal for net […]
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Shift In U.S. Policy On Iran Oil Could Swing Global Markets
Posted on October 12, 2023 by Diligentia News in OilGas.Back in August, we reported that Iran oil exports had hit record highs thanks in large part to the Biden administration opting to look the other way as Tehran boosts production ostensibly in a bid to keep markets well supplied and oil prices low. The price response to the escalation in the Middle East tensions […]
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India September oil product demand up 1.5% sequentially
Posted on October 12, 2023 by Diligentia News in OilGas.The demand for oil products in India grew 6.7% year-on-year and 1.5% sequentially in September on the back of healthy auto sales and factory activities, according to a report by S&P Global Commodity Insights. All products, including petrol and diesel, saw a growth in demand in September over August. Naphtha and kerosene were the exceptions. […]
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ONGC Videsh keen on Sri Lankan oil and gas blocks
Posted on October 12, 2023 by Diligentia News in OilGas.Oil and Natural Gas Corp is interested in the exploration of oil and gas blocks in Sri Lanka, a company executive said on Wednesday. The company was awaiting an announcement of the oil and gas ‘roadmap’ of the island nation, Rajarshi Gupta, managing director of ONGC Videsh, told reporters at an industry event. ONGC Videsh […]
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Qatar Signs 27-Year Gas Supply Deal With France’s Total
Posted on October 12, 2023 by Diligentia News in OilGas.Qatar has agreed to supply France’s TotalEnergies with natural gas for 27 years, its state energy company announced on Wednesday Qatar will supply 3.5 million tonnes of gas a year under the deal, QatarEnergy said, following two agreements with Total last year for a share of the Gulf state’s huge north field gas expansion project. […]
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Tellurian Asks For Three-Year Extension To Complete Its Driftwood LNG Facility
Posted on October 11, 2023 by Diligentia News in OilGas.Tellurian has applied for a three-year construction permit extension with the Federal Energy Regulatory Authority to complete the construction of the Driftwood LNG facility. The Driftwood LNG plant, currently under construction, would be one of the biggest in the world, with a capacity of up to 27.6 million tons of liquefied natural gas annually. The […]
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China Saved $10 Billion By Buying Cheap Oil From Sanctioned Exporters
Posted on October 11, 2023 by Diligentia News in OilGas.China is likely to have saved $10 billion on crude oil imports so far this year as it has imported record volumes of cheaper oil from Russia, Iran, and Venezuela—all three under U.S. and Western sanctions, a Reuters analysis showed on Wednesday. As international benchmark prices rose from July due to tightening supply, China has […]
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U.S. Treasury: G7 Price Cap Has Significantly Reduced Russia’s Oil Income
Posted on October 11, 2023 by Diligentia News in OilGas.The U.S.-led price cap on Russian oil exports has “significantly” cut revenues from oil sales for Russia, U.S. Treasury Secretary Janet Yellen said on Wednesday. The G7 price cap on Russian oil has “significantly reduced Russian revenue over the last 10 months while promoting stable energy markets,” Reuters quoted Yellen as saying at a news […]
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India To Lead Global Oil Demand Growth As Population, Economy Booms: OPEC
Posted on October 11, 2023 by Diligentia News in OilGas.India is going to lead the growth in global oil demand over the period from 2022 to 2045, as a rising working age population, high economic growth, an expanding middle class and rapid urbanisation drive up thirst for the fossil fuel. The country will add 6.6 million barrels per day to oil demand over the […]
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