Category Archives: OilGas
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ING Slashes 2023 Brent Oil Price Forecast To $90
Posted on March 17, 2023 by Diligentia News in OilGas.Softer oil market fundamentals than previously expected prompted ING on Friday to slash its Brent Crude forecast for this year to $90 per barrel from $98, as a larger current surplus is likely to leave the market in a better position to handle an expected deficit in the second half of 2023. ING now sees […]
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India Ranks Third Largest Primary Energy Consumer in the World
Posted on March 17, 2023 by Diligentia News in OilGas.India has emerged as a major player in the global energy market, with the country ranking third in the world for primary energy consumption, according to the India Energy Outlook 2021 report by the International Energy Agency (IEA). Additionally, India is now the third-largest consumer of oil, third-largest LPG consumer, fourth-largest LNG importer, and fourth-largest […]
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RIL shifts its oil traders to Dubai from Mumbai
Posted on March 17, 2023 by Diligentia News in OilGas.Reliance Industries (RIL) has shifted most of its oil traders from Mumbai to Dubai, executing a plan announced in 2021, but which now coincides with the city’s growing stature as a commodities hub after Russia’s war. Most of the refiner’s oil procurement and trading are now conducted out of the UAE’s biggest city, said sources. […]
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Russia’s oil revenue drops sharply in February as sanctions bite: IEA
Posted on March 16, 2023 by Diligentia News in OilGas.Russia’s oil-export revenue fell to lowest in more than a year in February as buyers of the nation’s barrels largely complied with price caps and sanctions, according to the International Energy Agency. The flow of money into the country from international oil sales fell to $11.6 billion last month, down more than 40% from a […]
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Indian Oil Corporation floats new unit for clean energy business
Posted on March 16, 2023 by Diligentia News in OilGas.Indian Oil Corporation (IOC) has floated a new subsidiary under low-carbon, clean and green energy business as the nation’s biggest oil refining and fuel marketing company pivots a transition plan to achieve net zero emissions from its operations by 2046. In a stock exchange filing, IOC said its board in its meeting held on March […]
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Russia’s oil revenue drops sharply in February as sanctions bite: IEA
Posted on March 16, 2023 by Diligentia News in OilGas.Russia’s oil-export revenue fell to lowest in more than a year in February as buyers of the nation’s barrels largely complied with price caps and sanctions, according to the International Energy Agency. The flow of money into the country from international oil sales fell to $11.6 billion last month, down more than 40% from a […]
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India’s February fuel demand hits 24 year high
Posted on March 13, 2023 by Diligentia News in OilGas.India’s fuel demand hit its highest level in at least 24 years in February, data showed on Thursday, with industrial activity in Asia’s third biggest economy boosted by cheap Russian oil. Consumption of fuel, a proxy for oil demand, rose by more than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, […]
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Pakistan Seeks To Buy Russian Oil At $50 Per Barrel
Posted on March 13, 2023 by Diligentia News in OilGas.Pakistan is looking to buy Russian oil at $50 per barrel, media reported on Sunday, as the South Asian country is grappling with an economic and foreign reserves liquidity crisis. Pakistan is desperate to import energy at low costs, after it was outspent on the market last year when oil and gas prices surged while […]
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China Is Importing Less Iranian Crude As It Buys More Russian Barrels
Posted on March 10, 2023 by Diligentia News in OilGas.Russian crude oil imports into China have reduced the country’s intake of Iranian crude, Hellenic Shipping News reported, citing data from shipbroker Xclusiv. According to the data, increased Chinese appetite for discount Russian crude has led to a sharp increase in Russian imports but these have increased at the expense of Iranian oil cargos. Xclusive […]
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India’s efforts to avoid a power crisis set to boost LNG imports
Posted on March 10, 2023 by Diligentia News in OilGas.India will boost fuel imports after gas-fired power stations were asked to increase output to meet soaring demand during the summer months. Gail India Ltd. will tap the seaborne market to supply state-run power producer NTPC Ltd., which has been asked by the government to run 5 gigawatts of plants to meet peak demand during […]
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