Category Archives: OilGas
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India wants Saudi Aramco to develop strategic petroleum reserve as ties strengthen
Posted on October 11, 2023 by Diligentia News in OilGas.India wants Saudi Arabia’s Aramco to participate in its planned 6.5 million metric tons (MMT) strategic petroleum reserve (SPR) programme as the South Asian nation wants to strengthen ties with its key oil supplier, according to a document seen by Reuters. The two nations have been talking about Aramco’s participation in the SPR programme for […]
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India’s Sept diesel flows to Europe reach all-time peak, Oct volumes slowing
Posted on October 11, 2023 by Diligentia News in OilGas.India’s September-loading diesel exports to Europe hit an unprecedented high as traders cashed in on arbitrage profits to the West, although the likelihood of such volumes continuing through October was unlikely, traders and analysts said. Exports also got a boost from a seasonal lull in domestic demand, an India-based trading source said. “This trade flow […]
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Biofuels alliance to propel global market to $200 billion: Hardeep Singh Puri
Posted on October 11, 2023 by Diligentia News in OilGas.Union minister for petroleum and natural gas Hardeep Singh Puri said the global biofuel market is set to jump from its current value of $92 billion to $200 billion, with the launch of the biofuels alliance. Speaking at the inaugural session of the 26th Energy Technology Meet here on Monday, Puri emphasized, “However, this is […]
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OPEC+ Stands Firm As Global Oil Demand Teeters
Posted on October 9, 2023 by Diligentia News in OilGas.Last week, OPEC+ decided to keep current oil production cuts in effect until the end of the year. The announcement was anything but surprising, and yet crude oil prices fell substantially, sparking suggestions that the OPEC+ cuts may already be activating what many call the cure for high oil prices, which is even higher prices. […]
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Crude supply and inflation risk for India if war spreads
Posted on October 9, 2023 by Diligentia News in OilGas.Senior Economists are in a wait and watch mode as to the impact of Israel – Hamas war on the Indian economy while agreeing there may be a crude oil supply challenge if the war spreads across West Asia. They said it is a bit early to comment on the impact as the situation has […]
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Higher Fuel Prices Due To VAT Charged By States
Posted on October 9, 2023 by Diligentia News in OilGas.Union petroleum minister Hardeep Singh Puri on Saturday said that though fuel prices were high in Madhya Pradesh, in some other states, petrol/diesel prices were higher as it all depended on value-added-tax (VAT) being charged by the states. He was replying to a question on high fuel prices in the state on the sidelines of […]
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Call for fossil fuel phase-out on global stocktake agenda: UN report
Posted on October 9, 2023 by Diligentia News in OilGas.According to the UNFCCC report, possible elements of the global stocktake outcome could include a call to parties on phase-out of fossil fuels, support global commitment to accelerate the phase-out of unabated fossil fuels, and efforts to phase out inefficient fuel subsidies by 2025, supported by enabling environments and upscaling investments in renewable energy. The […]
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India, Saudi Arabia sign MoU for green hydrogen supply chain, power grid interconnection
Posted on October 9, 2023 by Diligentia News in OilGas.Nearly a month after signing the energy cooperation pact which spoke about power grid interconnectivity, India and Saudi Arabia have signed a memorandum of understanding (MoU) for green hydrogen supply chain and power grid interconnection. The MoU was signed on Sunday in Riyadh, Saudi Arabia by union minister for power and new & renewable energy […]
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Oil Prices Set For Their Sharpest Weekly Drop In Six Months
Posted on October 6, 2023 by Diligentia News in OilGas.Crude oil prices were set to record their sharpest weekly decline since March, pressured by demand concerns despite OPEC+’s decision to continue constraining supply. Since the start of the week, Brent crude has shed close to 12% and West Texas Intermediate has declined by almost 9%. The crash, which seemed to be sparked by the […]
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India turns a deaf ear to West for paying Russia more for its own gains
Posted on October 6, 2023 by Diligentia News in OilGas.A resurgent, pricier Brent Crude means India is lapping up more Russian oil, despite the latter trading well above the Western price cap of $60. A fragile global economy is worryingly staring at the prospects of a recession, and analysts say there is more tightness ahead in the oil market. And India, the third-biggest buyer […]
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