Category Archives: OilGas
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Why Oil Won’t Trade Above $100 This Year
Posted on January 27, 2023 by Diligentia News in OilGas.After an initial dip, the oil price rally has been a steady grind upwards in the current year, with the last 12 trading days seeing 10 days of higher intraday highs and 11 days of higher intraday lows. Brent is currently trading at $87.50 per barrel (as of Jan 26 at 12:24p.m. EST)–more than $10 […]
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U.S. Gasoline Prices Continue To Climb
Posted on January 24, 2023 by Diligentia News in OilGas.Gasoline prices continue to climb for the fourth straight week, rising 32.7 cents over the last month as crude oil prices rise, data from AAA showed on Monday. Gasoline prices are up 11.8 cents over a week ago, and are 9.4 cents higher than they were a year ago, before Russia’s “special military operation” in […]
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EU Gas Price Cap Could Trigger Significant Changes In Markets
Posted on January 24, 2023 by Diligentia News in OilGas.The upcoming price cap on the benchmark European gas contract could abruptly change the gas market and impact the functioning of other markets as well as financial stability, according to the European Securities and Markets Authority (ESMA). ESMA was expected to announce on Monday the assessment of the consequences of the gas price cap on […]
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Record oil supply will not meet 2023 demand surge: IEA
Posted on January 24, 2023 by Diligentia News in OilGas.Oil prices continued to remain volatile at the start of 2023 and went below the $80 per barrel mark after steep declines on the first two consecutive days at the start of the year. Record oil supply of 101.1 million barrels per day in 2023 will not meet surging global demand, leading to a significant […]
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ONGC, TotalEnergies plan joint venture
Posted on January 24, 2023 by Diligentia News in OilGas.State-run energy major ONGC plans to tie up with French giant TotalEnergies for exploration and production of oil and gas in the Andaman islands, said Sushma Rawat, director, exploration at ONGC Ltd. In an interview, Rawat said that prospective hydrocarbon blocks are expected to be auctioned at the next round of auctions under the Open […]
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India gas imports to rise on lower global prices – Petronet
Posted on January 24, 2023 by Diligentia News in OilGas.India’s liquefied natural gas (LNG) imports are set to recover as global prices ease, the chief executive of the country’s top gas importer Petronet LNG Ltd said. Asian spot LNG prices have fallen due to mild weather in Europe and ample inventories, from an average of $30-$35 per million British thermal units (mmBtu) in the […]
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China Is Still The Biggest Driver Of Oil Prices
Posted on January 23, 2023 by Diligentia News in OilGas.Oil prices settled on Thursday at their highest level since December 1 as the market is turning bullish on China’s oil demand this year. The Chinese reopening is set to drive oil demand growth and push oil higher if most of the developed economies manage to avoid recessions, analysts say. China likely accelerated the pace […]
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25 GW Gas-based power plant capacity idle in India due to price fluctuation: VK Saraswat
Posted on January 23, 2023 by Diligentia News in OilGas.Some 25GW gas-based power plants are lying idle in India due to price fluctuations, according to VK Saraswat, member of Niti Aayog. According to him, India cannot be an entirely gas based economy due to a higher degree of import dependence. Saraswat was in Uvarsad, Gandhinagar on Saturday to deliver the keynote address at the […]
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Petroleum Minister asks oil companies to reduce petrol-diesel prices
Posted on January 23, 2023 by Diligentia News in OilGas.Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday asked Oil Marketing Companies (OMCs) to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down. Puri was talking to the media during a function to flag […]
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Saudi Arabia Is Open To Discuss Non-Dollar Oil Trade Settlements
Posted on January 20, 2023 by Diligentia News in OilGas.Saudi Arabia, the world’s largest crude oil exporter, is open to discussing oil trade settlements in currencies other than the U.S. dollar, Saudi Minister of Finance, Mohammed Al-Jadaan, told Bloomberg TV in an interview in Davos on Tuesday. The Saudi signal that it could be open to talks about oil trade arranged in non-dollar currencies […]
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