Category Archives: OilGas
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Saudi output cut unlikely to lift oil prices to high $80s-low $90s, Citi says
Posted on June 6, 2023 by Diligentia News in OilGas.Top crude exporter Saudi Arabia’s one million barrel per day (bpd) oil output cut is unlikely to underpin a “sustainable price increase” into the high $80s-low $90s with weak fundamentals pointing to lower prices by year-end, Citi analysts said in a note on Tuesday. Brent gained as much as $2.60 on Monday after Saudi Arabia, […]
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Saudi Oil Output Cut Unlikely To Hurt India As Russia Leaps Ahead
Posted on June 6, 2023 by Diligentia News in OilGas.Saudi Arabia’s decision to further cut crude output is unlikely to hurt India as Russia, with its discounted oil, has trumped all other nations to emerge the largest supplier with 42% share in India’s fuel imports. The cheap Russian supply in May scaled another record and is now more than the combined oil bought from […]
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Oil Prices Fall Back After A Short-Lived OPEC+ Rally
Posted on June 6, 2023 by Diligentia News in OilGas.This Monday saw what was perhaps one of the shortest oil price rallies following an OPEC+ meeting. The announcement of an additional production cut of around 800,000 bpd by the oil-producing group pushed Brent crude and West Texas Intermediate slightly higher during the day but by Tuesday morning the momentum had fizzled out and both […]
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Law may be updated for adequate oil assets compensation
Posted on June 5, 2023 by Diligentia News in OilGas.The government is considering reforming the law governing the petroleum sector to protect investors against the expropriation of their assets, a measure that would directly address a key concern raised by energy giant ExxonMobil. The oil ministry has drawn up a proposal, which would entitle investors to reasonable compensation if the government expropriated their assets, […]
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High Court dismisses govt plea to enforce arbitral award against RIL
Posted on June 5, 2023 by Diligentia News in OilGas.The Delhi High Court has dismissed the government’s petition seeking enforcement of a 2016 final partial award (FPA) of an arbitral tribunal, in a dispute with Reliance Industries over cost recovery provisions and reimbursement of royalties and taxes related to the Panna, Mukta and Tapti gas fields. The high court rejected the petition holding it […]
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India continues with May 16 windfall tax notification as prices haven’t changed much
Posted on June 5, 2023 by Diligentia News in OilGas.Government has decided to continue with the May 16 windfall tax rates, as there hasn’t been much change in prices since then and now , sources tell CNBCTV-18. “Since there is not much change in prices, the earlier notification continues. It has not been withdrawn”, sources tell CNBCTV-18. The May 16 windfall tax notification had […]
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Adani and Total bet on India’s LNG recovery
Posted on June 5, 2023 by Diligentia News in OilGas.India’s liquefied natural gas imports are picking up after years of weak demand, as companies such as Total and Adani bet heavily on a turnround in a market that has so far defied lofty expectations. India has set ambitious targets to become one of the world’s biggest LNG importers by more than doubling the share […]
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GAIL infuses Rs 2,100 crore in JBF Petrochemicals
Posted on June 2, 2023 by Diligentia News in OilGas.India’s largest gas firm GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF. In a stock exchange filing, GAIL (India) Ltd said it has “infused Rs 2,101 crore (equity – […]
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India’s Imports Of Russian Oil Hit A Record High
Posted on June 2, 2023 by Diligentia News in OilGas.India’s oil imports from Russia continue to surge as cheaper Russian crude exports find more and more buyers in the world’s third-largest crude oil importer. India shattered its previous records of imports of Russian crude and took in May 1.96 million barrels per day (bpd) of crude from Russia—an all-time high, according to data from […]
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Russia’s share in oil imports at record 42%
Posted on June 2, 2023 by Diligentia News in OilGas.Russian oil accounted for 42% of India’s total crude imports in May, up 15% month-on-month, defying analysts’ expectations of a slowdown due to the Chinese competition. India imported a record 1.96 million barrels per day (mbd) from Russia in May, according to the energy cargo tracker Vortexa. This was more than the combined imports of […]
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