Category Archives: OilGas
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The Brent Oil Benchmark Is About To Change Forever
Posted on April 28, 2023 by Diligentia News in OilGas.West Texas Intermediate Midland crude is about to be added to the Brent benchmark contract this June. This would be the first time a non-North Sea crude has been added to the benchmark basket. And it will change the oil market forever. First, however, why is WTI being added to the Brent basket? It’s really […]
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Widespread Russian oil price violations likely took place in Asia in the first quarter
Posted on April 27, 2023 by Diligentia News in OilGas.Widespread breaches of the Group of Seven oil price cap likely took place in Asia in the first quarter, according to a team of researchers who analyzed official data on Russia’s foreign trade alongside shipping information. In December, the G-7 imposed a $60 a barrel price cap on Russian oil, barring companies in those nations […]
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MGL to expand into CBG, LNG & EV segments
Posted on April 27, 2023 by Diligentia News in OilGas.In a bid to diversify its portfolio, state-run city gas distributor (CGD) Mahanagar Gas Ltd (MGL) is planning to expand into business areas other than city gas distribution (CGD), a senior executive said. The company is planning to enter the compressed biogas (CBG) segment, the electric vehicles market, equipment manufacturing for CGD companies and retailing […]
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Top 10 Countries With Largest Oil Reserves
Posted on April 27, 2023 by Diligentia News in OilGas.We all know who the biggest producers of crude oil in the world are and can list the top three without effort. But here’s the thing – the biggest producers are not necessarily the countries with the biggest reserves. There are various reasons for that, as we shall see below. For now, suffice it to […]
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Petroleum product exports from India decline by 10.9% in March 2023
Posted on April 27, 2023 by Diligentia News in OilGas.According to the monthly data by the Petroleum Planning and Analysis Cell (PPAC), a body of petroleum ministry, India’s export of petroleum products decreased by 10.9 per cent in March 2023. As per the data, the petroleum products witnessed a decline of 2.7 per cent during April 2022-March 2023 as compared to the corresponding period […]
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India could rely on Russia for half its oil imports soon as Moscow continues to sell cheap barrels
Posted on April 27, 2023 by Diligentia News in OilGas.Russia accounted for 30% of India’s oil imports in March, according to a Nikkei analysis, and that new high could jump further to 40%-50% in April. That figure is up from less than 2% in January 2022, just before Russia invaded Ukraine and when India at the time primarily relied on the Middle East for […]
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India’s crude imports at record high in 2022-23
Posted on April 27, 2023 by Diligentia News in OilGas.India’s crude imports rose during the April 2022-March 2023 fiscal year to a record high because of increased fuel demand and lower domestic crude production. Imports rose to 232.56mn t (4.67mn b/d) during 2022-23, up by 9.5pc from a year earlier, according to preliminary oil ministry data. This is the highest level since the ministry […]
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Oil Prices Unmoved Despite Large Crude Draw
Posted on April 26, 2023 by Diligentia News in OilGas.Crude oil inventories in the United fell this week by 6.083 million barrels, the American Petroleum Institute (API) data showed on Tuesday, with analysts expecting a 1.667 million barrel draw. The total number of barrels of crude oil gained so far this year is still more than 38 million barrels. This week, SPR inventory dropped […]
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Russia on track for 2023 oil output of 9.6 mbpd in line with cuts
Posted on April 26, 2023 by Diligentia News in OilGas.Russia’s oil output this year is on course to top 480 million tonnes, or about 9.6 million barrels per day (bpd), a Russian government source familiar with the data told Reuters. The figure, which excludes gas condensate, is in line with Russia’s pledge to cut production by 500,000 bpd to 9.5 million bpd from March […]
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India to remain unaffected by Pakistan’s purchase of Russian oil: Experts
Posted on April 26, 2023 by Diligentia News in OilGas.Pakistan placed its first order for discounted crude oil from Russia after the latter diverted most of its supply to Asian countries. India and China have emerged as the major consumers of Russian crude oil since the war broke out between Moscow and Ukraine In March, Russia supplied 1.64 million barrels per day (bpd) of […]
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