Category Archives: OilGas
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Oil Prices Set For The Longest Weekly Losing Streak Since November 2021
Posted on May 12, 2023 by Diligentia News in OilGas.Early on Friday, oil prices extended the losses of the previous two days as concerns about the Chinese and U.S. economies continue to weigh on market sentiment, dragging prices down and on track for a fourth consecutive weekly loss. As of early morning trade in Europe, the U.S. benchmark WTI Crude had slumped again to […]
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Low-Quality Crude Sees Mysterious Price Rally
Posted on May 12, 2023 by Diligentia News in OilGas.Middle Eastern oil producers are raising the export prices for their lower-grade crudes, Bloomberg reported earlier this week. And European buyers have no choice but to pay up—because the alternative is Russian oil, and they can’t have that. It is a curious case, as noted in another Bloomberg report on the issue, since normally, the […]
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Proposed India diesel ban offers limited GHG cuts
Posted on May 12, 2023 by Diligentia News in OilGas.A proposed ban by 2027 on four-wheeler diesel vehicles in Indian cities with a population of over 1mn and in highly polluted towns could make limited contribution to cutting greenhouse gas (GHG) emissions. The ban, proposed in a report by the Energy Transition Advisory Committee (Etac) of the Indian oil ministry, will not contribute to […]
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Delhi HC dismisses govt appeal accusing Reliance of ‘fraud, unjust enrichment of over $1.729 billion’ for siphoning gas
Posted on May 11, 2023 by Diligentia News in OilGas.In a set back to the government, the Delhi High Court on Tuesday dismissed its petition accusing Mukesh Ambani-led Reliance Industries (RIL) and its partners of committing an “insidious fraud” and “unjust enrichment of over $1.729 billion” by siphoning gas from deposits they had no right to exploit. Justice Anup Jairam Bhambhani while upholding the […]
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India eyes green hydrogen bunkering at major ports by 2035
Posted on May 11, 2023 by Diligentia News in OilGas.India has set a deadline of 2035 to establish green hydrogen bunkering and refuelling facilities at major ports in the drive to cut its carbon footprint, the shipping ministry said in guidelines issued on Wednesday. One of the world’s biggest emitters of greenhouse gases, India aims to cut emissions to net zero by 2070, and […]
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GAIL plans $4.9 billion ethane cracker in West India
Posted on May 11, 2023 by Diligentia News in OilGas.AIL (India) Ltd, the country’s top gas supplier, plans to build a 400-billion rupee ($4.89 billion) ethane cracker near its liquefied natural gas (LNG) import plant in Western India, two sources with direct knowledge of the matter said, as it seeks to meet an expected surge in demand. Indian companies are boosting their petrochemical production […]
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S&P says India will import lesser crude oil this year than expected
Posted on May 11, 2023 by Diligentia News in OilGas.Standard & Poor’s expects India to import less crude oil than expected because of flat demand in April. Latest government data shows that oil products demand fell 360,000 barrels per day (b/d) on the month in April 2023. According to data released by the oil ministry’s petroleum planning and analysis cell, year-on-year crude oil demand […]
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Oil Price Volatility Will Only Get More Extreme
Posted on May 9, 2023 by Diligentia News in OilGas.Concerns about the economy and new banking sector jitters have sent oil traders rushing for the exits and cutting their bullish bets on crude oil again. As more speculators leave the market – with open interest in U.S. crude oil futures at its lowest in three years – prices are set for more extreme volatility. […]
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India govt panel proposes ban on diesel 4-wheeler vehicles by 2027
Posted on May 9, 2023 by Diligentia News in OilGas.India should ban the use of diesel-powered four-wheeler vehicles by 2027 and switch to electric and gas-fuelled vehicles in cities with more than a million people and polluted towns in order to cut emissions, an oil ministry panel is recommending. India, one of the biggest emitters of green house gases, wants to produce 40% of […]
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ONGC to pump KG block oil by June, ending 3-yr delay
Posted on May 9, 2023 by Diligentia News in OilGas.Oil and Natural Gas Corp. Ltd (ONGC) is set to begin oil production in the Krishna Godavari basin by June, said Om Prakash Singh, ONGC’s director of technology and field services (T&FS) in an interview. The company’s oil production from the block was scheduled to begin by March 2020, and gas by June 2019, but […]
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