Category Archives: OilGas
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Russian oil to India in June the cheapest since war in Ukraine
Posted on August 7, 2023 by Diligentia News in OilGas.The average cost of Russian crude landing on Indian shores in June was the lowest since Moscow’s invasion of Ukraine more than a year ago. The price for each barrel including freight costs was $68.17, down from $70.17 in May and $100.48 a year earlier, according to the latest figures from India’s Ministry of Commerce […]
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Gas Prices Inch Higher As TotalEnergies Shuts Down Port Arthur Refinery
Posted on August 7, 2023 by Diligentia News in OilGas.French supermajor TotalEnergies was forced to shut down a unit at its 225,000-barrels-per-day refinery at Port Arthur in Texas due to a leaky pump, adding to other refinery outages that have pushed U.S. gasoline prices higher in recent days alongside the rise in crude oil prices. Total’s U.S. unit of the French energy major, said […]
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Saudi Arabia Is Cooking Up A Surprise For The Oil Markets
Posted on August 7, 2023 by Diligentia News in OilGas.Recent production cuts by Saudi Arabia are beginning to take a toll on the nation’s economy, according to the IMF’s latest World Economic Outlook. The Kingdom’s 2023 GDP growth projections have been significantly reduced, now expected to reach only 1.9%, down from the previously projected 3.1% in May. The IMF attributed this downgrade to the […]
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Russia Anticipates $11 Billion Energy Revenue Boost Despite Embargos
Posted on August 7, 2023 by Diligentia News in OilGas.Russia is expecting extra oil and gas revenues to reach 1 trillion rubles, or $11 billion, in the last five months of the year despite sanctions, embargos, and price caps, two people with knowledge of the situation told Bloomberg. The Finance Ministry hopes to put the fat revenues toward covering its budget deficit, which has […]
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Oil Ministry and its PSUs lack seriousness in setting up CBG projects: Parliament panel
Posted on August 7, 2023 by Diligentia News in OilGas.The parliamentary standing committee on petroleum and natural gas has come down heavily on the Oil Ministry and its PSUs for showing “lack of seriousness” in setting up compressed biogas (CBG) projects in the country. In a strong response, the committee said the Ministry of Petroleum and Natural Gas (MoPNG) failed to prevail upon its […]
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How Long Will the Oil Price Rally Last?
Posted on August 7, 2023 by Diligentia News in OilGas.It’s been a wild week for oil prices. First soaring on news of the biggest U.S. inventory draw in years, benchmarks later slumped just as sharply when Fitch downgraded the United States’ credit rating from AAA to AA+. Barely a day later, prices rebounded again after Saudi Arabia did what pretty much everyone expected, extending […]
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India’s energy consumption growing at three times the global average, says Oil Minister
Posted on August 7, 2023 by Diligentia News in OilGas.India’s energy consumption is growing at three times the global average, the Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said. By keeping domestic fuel prices “affordable” for consumers and by making fuel “available” to everyone, India’s energy consumption is now growing at a healthy three percent annually, compared to the global average rise […]
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LNG project: China-Pakistan company out, India in
Posted on August 7, 2023 by Diligentia News in OilGas.The Government of Sri Lanka has decided to cancel a tender awarded to a China-Pakistan consortium to supply Liquefied Natural Gas (LNG) and lay a pipeline network after being selected through an international open competitive bidding process and instead consider an offer by an Indian company. The China-Pakistan Engro Consortium was selected last year as […]
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India insulated itself from rising fuel prices; enhancing refining capability: Oil Minister Puri
Posted on August 4, 2023 by Diligentia News in OilGas.India maintained “affordability” of petroleum products notwithstanding disruptions in the global energy markets and the hike in prices of petrol and diesel in the last two years has been marginal compared to several large economies and neighbouring nations, Oil Minister Hardeep Singh Puri said on Friday. In an interaction with a group of reporters, he […]
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ConocoPhillips Agrees To Long-Term LNG Deal With Mexico
Posted on August 4, 2023 by Diligentia News in OilGas.ConocoPhillips has agreed to a long-term LNG deal from a $15 billion export terminal that is being built in Puerto Libertad, Sonora, Mexico, according to a press release. The free on-board basis deal with span 20 years, with Conoco committing to purchasing 2.2 million tons per year of LNG from Mexico Pacific Limited LLC. Mexico […]
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