Category Archives: OilGas
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China’s LNG Imports Soar Despite Global Price Dip
Posted on July 10, 2023 by Diligentia News in OilGas.China’s imports of liquefied natural gas (LNG) hit 5-month highs in June, but weak demand, especially in Europe, kept a lid on prices. Last month, China imported 5.96 million metric tons of LNG, 28% higher than the 4.64 million the country purchased a year ago and also higher than 5.54 million metric tons imported in […]
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The Great Oil Market Paradox: Inflation Fears Meet Rising Demand
Posted on July 10, 2023 by Diligentia News in OilGas.Inflation concern. Rate hike fears. These have been the drivers of oil market moves for months now. Demand and supply have largely remained ignored. But this may be about to change. “This is in a year where there [are] economic headwinds, where there [are] recessionary signs everywhere … China’s still picking up,” the chief executive […]
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India ups crude oil imports from the US as Russian shipments stagnate
Posted on July 10, 2023 by Diligentia News in OilGas.Triggered by OPEC+ announcement on cutting crude oil output, India is looking to diversify its crude sources, says a study As per the PPAC, India’s cumulative crude oil imports during April and May this fiscal year stood at almost 40 mt, of which 6.9 per cent was from North America. Even as crude oil imports […]
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Russia oil discount to India shrinks to $4, delivery charges remain opaque
Posted on July 10, 2023 by Diligentia News in OilGas.The steep discounts on Russia crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain ‘opaque’ and higher than normal, sources said. Russia bills Indian refiners at a price shade less than the $60 per barrel price cap imposed by the West […]
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U.S. Shale Production Costs Are Finally Falling
Posted on July 7, 2023 by Diligentia News in OilGas.After years of rising production costs amid post-pandemic inflation, the U.S. Shale Patch can finally breathe a sigh of relief after the cost trajectory hit a turning point. Production costs fell 1% year-on-year in the second quarter, marking the first time they have shrunk in three years. Drill pipe prices have halved this year, daily […]
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Oil Futures Market Finally Signals Supply Tightening
Posted on July 7, 2023 by Diligentia News in OilGas.The oil futures market has strengthened this week, signaling that a market tightening could be on the way. Following the latest announcements of fresh supply cuts from OPEC+ leaders Saudi Arabia and Russia, key spreads in the oil derivatives markets have started to show strength, according to Bloomberg’s estimates. Prompt spreads in the futures market […]
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Saudi Aramco exploring investment opportunities in India, CEO says
Posted on July 7, 2023 by Diligentia News in OilGas.Saudi Aramco, the world’s largest oil-exporting company, is looking for investment opportunities in India amid a surge in crude demand in the South Asian country, its president and chief executive has said. In terms of crude imports, both China and India – two large oil-consuming countries – have surpassed pre-pandemic levels, Amin Nasser said during […]
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PNGRB proposes Jammu-Srinagar natural gas pipeline
Posted on July 6, 2023 by Diligentia News in OilGas.The Petroleum and Natural Gas Regulatory Board (PNGRB) has proposed building a natural gas pipeline between Jammu and Srinagar to help meet the energy needs in the union territory of Jammu & Kashmir. The downstream regulator has begun a public consultation for the proposed pipeline and sought comments from all stakeholders within a month on […]
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India in talks to supply 10 million tonnes of green hydrogen to EU: Report
Posted on July 6, 2023 by Diligentia News in OilGas.India has hosted talks on a possible deal to supply 10 million metric tonnes of green hydrogen to the European Union (EU), which in turn would invest in one such clean energy project in India, sources told news agency Reuters. According to an earlier report, India will consider bilateral agreements with countries to allow them […]
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IGX traded gas volumes at over 1.62 mmBtu in June
Posted on July 6, 2023 by Diligentia News in OilGas.Indian Gas Exchange (IGX) on Wednesday said its platform traded 16,22,100 million British thermal unit (mBtu), or around 41 million metric standard cubic meters (mmscm), of gas volumes in June. Volumes were up 91% sequentially due to increase in spot buying interest from buyers amid correction in global gas prices. At 6,66,500 mmBtu, IGX traded […]
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