Category Archives: OilGas
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India’s petroleum consumption broke all records in 2022-23
Posted on April 12, 2023 by Diligentia News in OilGas.Indians are using more diesel, petrol, and liquefied petroleum gas (LPG) than ever. In the financial year that ended in March 2023, India consumed 222.30 million tonnes of petroleum products, up 10.2% from the previous year, according to the latest oil ministry data. This is the highest-ever in the history of the world’s third-largest oil […]
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India extends transmission fee waiver for green hydrogen plants -source
Posted on April 11, 2023 by Diligentia News in OilGas.India has extended a waiver of transmission fees for renewable power to hydrogen manufacturing plants commissioned before January 2031, as it aims to become the world’s cheapest producer of the fuel, a government official said. The move is expected to cut the cost of green hydrogen – hydrogen produced by splitting water using electricity from […]
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Citi Bucks The Bullish Trend, Bets Oil Prices Will Fall
Posted on April 11, 2023 by Diligentia News in OilGas.Citigroup has bucked the bullish oil price forecast trend in analyst circles, expecting oil prices to dip instead of rally further despite OPEC+’s efforts in that direction. The bank’s commodity chief Ed Morse noted that China’s post-pandemic recovery was progressing more slowly than initially expected and that could affect demand patterns, ultimately hurting prices. We’re […]
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India’s fuel demand rises 5% in March year on year
Posted on April 11, 2023 by Diligentia News in OilGas.India’s fuel consumption, a proxy for oil demand, rose 5% year on year in March, data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC) showed on Monday. Consumption totalled 20.50 million tonnes. Sales of gasoline, or petrol, rose 6.8% to 3.1 million tonnes while cooking gas, or liquefied petroleum gas (LPG), sales fell […]
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India remains top destination for Russian Urals oil in April
Posted on April 11, 2023 by Diligentia News in OilGas.India remains the main destination for Russia’s seaborne Urals oil, with about 70% of such exports heading to the country, Reuters monitoring and data from two industry sources showed on Monday. Attractive prices for Urals mean good margins for Indian refiners while term contracts between Russian and Indian companies and lower freight rates are also […]
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Oil turmoil: How do Indian markets react when Brent tops $100?
Posted on April 11, 2023 by Diligentia News in OilGas.Life is just one darned thing after another. Investing even more so, going by recent events. Just when it seemed the after-shocks of the global banking crisis had subsided, markets were hit by another thunderbolt – this time from the OPEC+ cartel. The Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, […]
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ONGC To RIL’s Short-Term Realisations May Take A Hit On New Gas Pricing Norms
Posted on April 11, 2023 by Diligentia News in OilGas.Revised norms for legacy administered price mechanism fields will impact the short-term realisation of upstream companies even though it be higher than the historical average, according to analysts. The revision is expected to eventually provide stability to upstream companies—such as Oil and Natural Gas Corp. Ltd., Oil India Ltd. and Reliance Industries Ltd.—and city gas […]
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ONGC To RIL’s Short-Term Realisations May Take A Hit On New Gas Pricing Norms
Posted on April 11, 2023 by Diligentia News in OilGas.Revised norms for legacy administered price mechanism fields will impact the short-term realisation of upstream companies even though it be higher than the historical average, according to analysts. The revision is expected to eventually provide stability to upstream companies—such as Oil and Natural Gas Corp. Ltd., Oil India Ltd. and Reliance Industries Ltd.—and city gas […]
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Russia will…’: Ex-CEA Kaushik Basu explains implications of oil supply cut by OPEC+
Posted on April 10, 2023 by Diligentia News in OilGas.A week after OPEC+ announced cuts in oil supply, India’s former chief economic advisor Kaushik Basu on Sunday said the move will help Russia, which is facing severe sanctions from the US and Europe for its military attack on Ukraine. Last Sunday, Saudi Arabia and other members of the OPEC+ oil producers announced voluntary cuts […]
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Russia destroys competition in India’s lucrative oil market; controls over one-third share
Posted on April 10, 2023 by Diligentia News in OilGas.India’s imports of crude oil from Russia hit a record high of 1.64 million barrels per day in March, doubling the purchases from its traditional top oil supplier, Iraq, according to a PTI report, which cited data from energy cargo tracker Vortexa. For the last six months, Russia has been India’s top supplier of crude, […]
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