Category Archives: OilGas
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Each country to make own decision: US official on India buying Russian oil
Posted on March 6, 2023 by Diligentia News in OilGas.The United States has said that “each country is going to make its own decision” when asked about India’s ties with Russia and purchase of oil from Russia. US Department of State Principal Deputy Spokesperson Vedant Patel said in an exclusive interview with ANI that, “Our understanding is that of course each country is going […]
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India’s oil buy from Russia surges, now more than one-third of total imports
Posted on March 6, 2023 by Diligentia News in OilGas.India’s imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a fifth […]
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India raises crude oil windfall tax, cuts diesel export tax
Posted on March 6, 2023 by Diligentia News in OilGas.India raised its windfall tax on crude oil marginally while cutting the tax on exports of diesel, according to a government notification on Saturday. The windfall tax on crude was raised to 4,400 rupees ($53.87) per tonne from 4,350 rupees, effective immediately 4, while the tax on diesel export was cut to 0.5 rupees per […]
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Putin’s Energy Gamble Backfires As Germany Secures Long-Term Gas Supplies
Posted on March 3, 2023 by Diligentia News in OilGas.Germany’s reliance on cheap and plentiful supplies of Russian gas was one of three key factors that led President Vladimir Putin to believe that Russia could invade Ukraine and get away with it. A second factor was the Russian president’s belief that the NATO security alliance would use the same ‘Macbeth Response’ (‘full of sound […]
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Banish those thoughts of LPG subsidy ending in the near term
Posted on March 3, 2023 by Diligentia News in OilGas.In the Union Budget for 2023-24, finance minister Nirmala Sitharaman has kept the budget estimate (BE) for petroleum subsidy – primarily subsidy on liquefied petroleum gas (LPG) for household consumption – for 2023-24 at a mere Rs 22.57 billion. The subsidy on the purchase of a product is a financial assistance given by the state […]
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India’s NSE to launch WTI crude, natural gas futures
Posted on March 3, 2023 by Diligentia News in OilGas.India’s National Stock Exchange (NSE) is set to launch rupee-denominated Nymex WTI crude oil and Henry Hub natural gas futures contracts in its commodity derivatives segment, it said on 1 March. The exchange has received approval from the Securities and Exchange Board of India and will announce the date of the launch soon, it added. […]
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Russia Is Intent On Defending Its Oil Market Share In India
Posted on March 3, 2023 by Diligentia News in OilGas.Russia has become the single biggest crude supplier to India over the past year as the world’s third-largest oil importer snaps up discounted Russian oil banned in the West. Russia has been redirecting most of its crude oil exports to China and India since the EU and the G7 announced plans to embargo seaborne oil […]
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Canada’s Oil And Gas Industry Expects Upstream Investment To Surge This Year
Posted on March 2, 2023 by Diligentia News in OilGas.The Canadian oil and gas industry could see investments topping pre-pandemic levels at some C$40 billion, or $29.36 billion, the Canadian Association of Petroleum Producers said. The sum also represents an 11% increase over 2022 investment levels, equal to C$4 billion. “The year 2023 may be one of the most pivotal moments in time for […]
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State Department Says India Is Buying Russian Crude Below Price Cap
Posted on March 2, 2023 by Diligentia News in OilGas.India is buying Russian crude oil at a deep discount to a price cap set by the G7 and the European Union, State Department officials told U.S. media this week. The topic of Russian oil imports is under constant discussion between Washington and New Delhi, the officials said, according to Bloomberg, but for now the […]
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Energy-Related CO2 Emissions Hit Record High In 2022
Posted on March 2, 2023 by Diligentia News in OilGas.Global energy-related carbon dioxide emissions increased by 0.9% to reach a new record high in 2022, although the pace of growth was lower than feared, the International Energy Agency (IEA) said in a new report on Thursday. Despite the coal-to-gas switching amid the energy crisis and soaring natural gas prices, the increase in CO2 emissions […]
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