Category Archives: OilGas
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India’s green energy focus in sync with ongoing G20 Presidency
Posted on February 6, 2023 by Diligentia News in OilGas.Keeping pace with the green energy focus of the world and reducing its carbon intensity, India has planned big for the green energy sector in its financial budget. The government announced a slew of measures for the initiatives related to green fuel, green farming, green mobility, green buildings, and green equipment. Also since India has […]
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EU, G7 partners agree on price cap on Russian petroleum products amid Ukraine war; Will it affect India
Posted on February 6, 2023 by Diligentia News in OilGas.EU price cap on Russian petroleum: In a major development, the European Union, the international G7, and Price Cap Coalition on Saturday adopted further price caps for seaborne Russian petroleum products including diesel and fuel oil. Notably, the Price Cap Coalition is composed of Australia, Canada, the EU, Japan, the UK, and the US. According […]
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Russia Considers Brent-Based Oil Tax To Limit Its Losses
Posted on February 3, 2023 by Diligentia News in OilGas.Russia is considering taxing its oil firms based on the price of Brent – instead of its flagship grade Urals – to limit the fallout on the Russian budget revenues due to the widening discount of Urals to Brent, Russian daily Kommersant reported on Friday, quoting sources. Russia is looking at ways to reduce the […]
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Fitch Expects $95 Oil In 2023
Posted on February 3, 2023 by Diligentia News in OilGas.Fitch Solutions has reiterated its oil price forecast for this year at $95 per barrel of Brent crude, citing China’s quicker-than-expected reversal of zero-Covid policies and slow production growth. “On the demand side, prospects for growth have improved, following the earlier-than-expected easing of Covid-19 containment measures in Mainland China,” the ratings agency said, as quoted […]
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India on course to meet green energy targets: Experts
Posted on February 3, 2023 by Diligentia News in OilGas.For the second consecutive year, the Union budget announced green measures to ensure India is on course to do its bit in reducing emissions by 2070. This has enthused climate experts. Union finance minister Nirmala Sitharaman’s budget listed green growth as one of the seven priorities of the government and allocated ₹350 billion to achieve […]
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Post-Gazprom, India Turns to US, Mideast LNG Supply
Posted on February 3, 2023 by Diligentia News in OilGas.Gail India, India’s biggest distributor of natural gas, is banking on shipments of US LNG, and a new supply contract with a Middle East supplier, to make up for the loss of cargoes from Gazprom. The shift represents yet another impact on worldwide LNG flows in the wake of Russia’s ongoing war in Ukraine. Gail […]
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Will U.S. Shale Ever Return To Its Glory Days?
Posted on February 3, 2023 by Diligentia News in OilGas.This article is intended to provide an update on one of the key trends I highlighted in my last OilPrice article on shale output in November. In that article, I discussed signs of maturing of the drilling inventory. Meaning that the number of Top-Tier locations in on the decline, and operators are being forced to […]
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Fuel subsidies are back: Oil companies to get Rs 300 billion for holding petrol, diesel prices
Posted on February 3, 2023 by Diligentia News in OilGas.The Union Budget for 2023-24 will dole out Rs 300 billion to state-owned fuel retailers to make up for the massive losses they ran because of holding petrol and diesel prices despite rise in cost in a bid to help the government contain inflation. Finance Minister Nirmala Sitharaman has allocated the money under the head […]
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White House Slams Exxon’s Record Profit As ‘Outrageous’
Posted on February 1, 2023 by Diligentia News in OilGas.The White House continues to express indignation at Big Oil as the U.S. supermajors continue to report record earnings for 2022, with ExxonMobil the latest target of the Biden Administration’s criticism. ExxonMobil (NYSE: XOM) reported on Tuesday $55.7 billion in earnings for 2022 in a record-breaking earnings tally for any Western oil supermajor ever. High […]
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Russian Oil Companies Told To Comply With Ban On Oil, Oil Product Exports
Posted on February 1, 2023 by Diligentia News in OilGas.Russian Prime Minister Mikhail Mishustin has signed an agreement demanding that all Russian oil companies comply with a previous order that disallows any exports of Russian crude oil or crude oil products to any buyer that adheres to the price cap mechanism. It should be noted that Russian companies failing to comply will face no […]
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