Category Archives: OilGas
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U.S. Crude Joins Biggest Oil Benchmark
Posted on June 2, 2023 by Diligentia News in OilGas.Starting today, U.S. oil will be part of the Brent crude basket that underlies the world’s most traded benchmark contract. It will be the first non-European grade included in the basket, highlighting the change that the U.S. shale revolution brought about for the global oil market. “Since the restart of U.S. crude exports in 2015, […]
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Saudi Aramco cuts June propane price by $105/mt to $450/mt
Posted on June 2, 2023 by Diligentia News in OilGas.Saudi Aramco has cut June propane price by $105/mt month on month to $450/mt. This is on the back of ample supplies in Middle East and US and low petrochemicals demand from China, according to reports. This would be implemented in India from July. Hence, July propane would become cheaper by 17-18 percent versus Gujarat […]
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Nepal and India agree to construct two petroleum pipelines for smooth supply of petroleum products
Posted on June 2, 2023 by Diligentia News in OilGas.An agreement has been reached between Nepal and India for the construction of two important pipelines in the ongoing India visit of Prime Minister Pushpa Kamal Dahal ‘Prachanda’. India would provide around Rs 17 billion for the same. Two petroleum pipeline projects would be constructed while it while Nepal has to construct a storage facility […]
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India, China’s crude oil imports from Russia in May breach all-time highs, shows shiptracking data
Posted on June 1, 2023 by Diligentia News in OilGas.India and China’s purchases of Russian crude oil in May are seen to have breached all-time highs. As buyers including these two big economies gorged on discounted supplies from Russia, it led to a fall in demand for oil from the Middle East and Africa, news agency Reuters reported citing shiptracking data. China, world’s No. […]
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Domestic natural gas price to remain steady at $6.5 per mmbtu in June: Oil ministry
Posted on June 1, 2023 by Diligentia News in OilGas.The domestic natural gas price will remain steady at $6.5 per mmbtu in June, according to an oil ministry notification. Domestic natural gas price is determined every month as 10% of the average price of the India basket crude for the previous month. The gas price, as per the formula, fell to $7.58 per mmbtu […]
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Gas import bill at USD 1.4 billion in April
Posted on June 1, 2023 by Diligentia News in OilGas.India’s LNG import bill stood at USD 1.4 billion in April, up from USD 1.3 billion in the corresponding month of the previous financial year. In volume terms, India imported 2,213 MMSCM of LNG in April, down from 2,078 MMSCM in the corresponding month of the previous financial year. Share This
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Russia’s share in India’s crude oil imports soars to 19% in FY23
Posted on June 1, 2023 by Diligentia News in OilGas.Russia’s share in India’s crude oil imports soared to 19.1% from 2.0% a year ago, the Reserve Bank of India (RBI) says in its latest annual report. “In 2022-23, there was a change in the sources of India’s crude imports. Russia’s share in India’s crude imports soared to 19.1 per cent from 2.0 per cent […]
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Oil Prices Slip As Fears Of A U.S. Default Return
Posted on May 30, 2023 by Diligentia News in OilGas.Crude oil prices retreated today in Asian trade following modest gains made on Monday on the news that President Biden and House Speaker and top Republican Kevin McCarthy had sealed a deal to raise the debt ceiling. However, reports have now emerged that some Republican hardliners in Congress will not support a deal that involves […]
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ONGC Videsh has less than $100 mn stuck in Russia, says official
Posted on May 30, 2023 by Diligentia News in OilGas.India’s flagship overseas firm ONGC Videsh has less than USD 100 million of dividend income lying in Russia because of Ukraine conflict but the company is not in a hurry to bring it back, a senior official said on Monday. Indian state oil firms have invested USD 5.46 billion in buying stakes in four different […]
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ONGC to invest Rs 1 lakh cr in energy transition, targets net-zero by 2038
Posted on May 29, 2023 by Diligentia News in OilGas.India’s top oil and gas producer ONGC will invest Rs 1 lakh crore by 2030 on energy transition projects as it targets net zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Monday. The firm joins fellow state-owned oil and gas firms Indian Oil (IOC), Hindustan Petroleum (HPCL), GAIL and Bharat Petroleum […]
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