Category Archives: OilGas
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Gasoline: The Price Rally That Nobody Saw Coming
Posted on July 31, 2023 by Diligentia News in OilGas.The direction of oil prices is top news material. Everyone follows oil prices. Many also follow the prices of the most traded oil derivatives, and some may have noticed something rather alarming in the trend of one of these derivatives. Gasoline, one of the six most traded petroleum contracts on the global futures market, has […]
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GAIL’s tie-up with LanzaTech for CO2 capture is a big deal
Posted on July 31, 2023 by Diligentia News in OilGas.India’s premier natural gas company GAIL entered into a joint venture with Nasdaq-listed LanzaTech to capture carbon dioxide (CO2) and convert it into useful organic chemicals. This must be recognised as a paradigm-setting initiative to combat climate change. So far, the global discourse on combating climate change has been about reducing additional emissions of heat-trapping […]
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Oil on track for biggest monthly gains in over a year
Posted on July 31, 2023 by Diligentia News in OilGas.Oil prices hovered near three-month highs on Monday, set to post their biggest monthly gains in over a year on expectations that Saudi Arabia would extend voluntary output cuts into September and tighten global supply. Brent crude futures dipped 9 cents to $84.90 a barrel by 0005 GMT while U.S. West Texas Intermediate crude was […]
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Russian Crude Oil Exports Continue To Plunge
Posted on July 31, 2023 by Diligentia News in OilGas.Russia’s crude oil exports by sea continued to slump last week and are now well below the February levels and nearly 1.5 million barrels per day (bpd) lower than the recent peak at the end of April, tanker-tracking data monitored by Bloomberg showed on Tuesday. Russia’s crude shipments plunged by 311,000 bpd to 2.73 million […]
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India’s gas pipeline network expands, industry urges gas subsidy reform
Posted on July 31, 2023 by Diligentia News in OilGas.In a strong push to enhance the share of clean energy in India’s energy basket, the Government is looking to raise the share of natural gas in the energy mix to 15 per cent in 2030, achieve 5 per cent blending of bio-diesel in diesel or direct sale of bio-diesel by 2030, and have commissioned […]
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IGGL, GAIL sign interconnection agreement
Posted on July 31, 2023 by Diligentia News in OilGas.Indradhanush Gas Grid Limited (IGGL) and GAIL (India) Limited have signed an interconnection agreement to connect the North East Gas Grid (NEGG) of IGGL with the Barauni Guwahati Pipeline (BGPL) of GAIL, according to an official release The agreement was signed by IGGL chief executive officer Ajit Kumar Thakur and GAIL’s zonal chief general manager […]
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As sanctions bite, these ‘obscure’ new players are shipping half of Russia’s oil to India & China
Posted on July 28, 2023 by Diligentia News in OilGas.With Russia facing crippling sanctions from the West, dozens of new middlemen, including companies without prior records, have been handling the trading of Russian oil to countries like India and China At least 40 such middlemen handled Russian oil trading between March and June, according to a Reuters tally. The new players have shipped at […]
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‘Refining capacity to grow at slower pace’
Posted on July 28, 2023 by Diligentia News in OilGas.Indian refining capacity would expand at a far slower pace than was estimated earlier, according to latest government projection. Refiners would add 56 mtpa by 2028 to increase domestic capacity to 310 mtpa. “As per the data compiled by Centre for High Technology (CHT), a technical wing of ministry of petroleum and natural gas, the […]
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Russian ESPO Oil Price Surges On Strong Chinese Demand
Posted on July 28, 2023 by Diligentia News in OilGas.Strong demand in China has sent the price of Russia’s ESPO crude blend surging to the highest in eight months as ESPO discounts to Brent are at their narrowest since the EU embargo on Russian oil imports came into effect in December, multiple trade sources have told Reuters. The EPSO crude going to China in […]
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BPCL still in talks for Russian oil deal, discounts narrow
Posted on July 28, 2023 by Diligentia News in OilGas.Indian refiner Bharat Petroleum Corp (BPCL.NS) is still in talks with Russian oil major Rosneft (ROSN.MM) to buy oil under a term deal, its head of finance said, adding that discounts on Russian oil are narrowing. “Yes, there were discussions happening with Rosneft but not yet concluded,” Vetsa Ramakrishna Gupta told an analysts’ conference after […]
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