Category Archives: OilGas
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Oil prices rise as supply concerns outweigh demand fears
Posted on September 22, 2023 by Diligentia News in OilGas.Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global oil supply outweighed fears that further possible U.S. interest rate hikes could dent fuel demand, but they were still headed for a weekly loss in four. Brent futures for climbed 21 cents, or 0.2%, to $93.51 a barrel […]
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India’s LNG imports rose in August
Posted on September 22, 2023 by Diligentia News in OilGas.India’s liquefied natural gas (LNG) imports rose in August compared to the same month last year, according to the preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell. The country imported 2.23 billion cubic meters, or about 1.7 million tonnes of LNG, in August, a rise of 10.1 percent compared to the same […]
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Sizzling oil worldwide, rising worries in India
Posted on September 22, 2023 by Diligentia News in OilGas.The ghost of rising oil prices is back to haunt the economy. Brent crude oil prices are now hovering around $96 per barrel, up more than 30% since 31 May. The recent upward pressure on oil prices is primarily led by supply-side concerns, with Saudi Arabia and Russia deciding to extend their voluntary output cuts […]
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Energy transition in uncharted waters: Panel
Posted on September 22, 2023 by Diligentia News in OilGas.Oil India intends to remain focused on oil and natural gas, with the revenue from those sectors supporting the pursuit of other energy sources, Oil India chairman and managing director Ranjit Rath said on a panel today at the conference in Calgary, Alberta. “We would always look for more and more energy,” Rath said. “Biofuel […]
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Gas price for Reliance to be reduced by 14% from next month
Posted on September 20, 2023 by Diligentia News in OilGas.The price of natural gas produced from difficult areas like KG-D6 of Reliance Industries is likely to be cut by about 14 per cent from next month in line with softening energy prices, sources said. For the six-month period starting October 1, the price of gas from deep-sea and high-pressure, high-temperature (HPTP) areas is likely […]
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Strong Crude Draw, Falling Inventories At Cushing Support Oil Prices
Posted on September 20, 2023 by Diligentia News in OilGas.The American Petroleum Institute (API) has reported a large 5.25-million-barrel draw in U.S. crude inventories, offsetting last week’s 1.174-million-barrel build. Analysts were expecting an inventory draw of 2.667 million barrels for the week. The total number of barrels of crude oil moves so far this year is now squarely in the red, according to API […]
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Will oil price hit $100 amid relentless rally? It already did in some markets
Posted on September 19, 2023 by Diligentia News in OilGas.With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply. The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to LSEG data. Malaysian crude […]
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EIA Forecasts Continued Decline In U.S. Shale Oil Output
Posted on September 19, 2023 by Diligentia News in OilGas.Shale oil production in the United States is set to decline for the third month in a row to 9.39 million barrels daily, the Energy Information Administration said in its latest Drilling Productivity Report. That would be down from 9.433 million barrels daily for August and a record-high 9.476 million bpd for July. Most of […]
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Pipelines Are Limiting U.S. Natural Gas Production
Posted on September 19, 2023 by Diligentia News in OilGas.In its latest biennial assessment delivered last week, the Potential Gas Committee (PGC) reported that U.S. natural gas supply has hit a record 3,978 trillion cubic feet, good for a 3.6% increase from the 2020 estimate with shale gas dominating supply at 61%. The country’s technically recoverable resources, however, fell slightly by 0.5% to 3,352 […]
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LNG Market Grows More Mature, But Supply Risks Remain
Posted on September 19, 2023 by Diligentia News in OilGas.European gas prices spiked earlier this month as workers at three LNG facilities in Australia threatened industrial action. Strikes were avoided at one of the facilities, but the danger remained for the other two, keeping a floor under gas prices. But over the past year, attempts have been made to put a sort of a […]
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