Category Archives: OilGas
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Ukraine: Time To Review Russian Oil Price Cap
Posted on January 20, 2023 by Diligentia News in OilGas.It’s time to review the price cap on Russian crude oil, Ukraine’s foreign minister said on Thursday because the current market price of Urals is below the cap. A coalition made up of the G7 countries as well as Australia and the EU set last year a price cap on all seaborne Russian crude oil. […]
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Windfall Taxes Will Stifle Oil Industry Investments
Posted on January 20, 2023 by Diligentia News in OilGas.Windfall taxes have suddenly become quite popular. With oil and gas companies reaping record profits from the rally in energy commodity prices, governments have been unable to resist the temptation to skim a bit more of these profits. It’s hard to blame them – the energy crisis has pushed most governments in Europe to come […]
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Profitability of oil marketing companies to restore in FY24
Posted on January 20, 2023 by Diligentia News in OilGas.The profitability of oil marketing companies (OMCs) will be stretched in the current financial year, ending March 2023, even as international prices of crude oil have softened from the historic highs in March and April 2022, diluting their marketing losses Moody’s Investor Service in a report said that as international prices of gasoline (petrol) and […]
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Japan’s Crude Oil Imports Increase For The First Time In A Decade
Posted on January 19, 2023 by Diligentia News in OilGas.Crude oil imports in Japan, the world’s fourth-largest crude buyer, jumped by 8.5% annually in 2022, the first yearly increase in a decade, while the value of crude imports nearly doubled to a record, data from the Japanese Finance Ministry showed on Thursday. Last year, many large energy importers – including resource-poor Japan – focused […]
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A Lesson From The Energy Crisis: We Need More American Oil & Gas
Posted on January 19, 2023 by Diligentia News in OilGas.At the start of 2023, the main U.S. oil lobby resumed calls on the Biden Administration to increase access to domestic oil and gas resources, reform the permitting process, and reverse the hostile rhetoric toward the industry, which could bolster America’s energy security if given the right incentives to do so. The American Petroleum Institute […]
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Searching for oil and gas
Posted on January 19, 2023 by Diligentia News in OilGas.There is no alternative to stepping up domestic production for greater energy security. To reduce its vulnerability to high and volatile global energy prices, India must make efforts on a war footing to increase the levels of relative self-sufficiency by stepping up domestic oil and gas production over the medium-term. Unfortunately, however, this is not […]
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India’s Russian oil binge drags down OPEC’s share to lowest in 2022
Posted on January 19, 2023 by Diligentia News in OilGas.Russia became the third-largest oil supplier to India in 2022, making up about 15% of total purchases, dragging down OPEC’s share to the lowest in more than a decade, data obtained from industry sources show. Refiners in India, the world’s third-biggest oil consumer and importer, have been gorging on Russian oil sold at a discount […]
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Gas Flowing To Freeport LNG, Restart Timeframe Unchanged
Posted on January 18, 2023 by Diligentia News in OilGas.Refinitiv data showed gas flowing to the Freeport LNG plant that’s been shuttered since going offline in June after suffering damage from an explosion. The gas flows, according to an anonymous Reuters source, were within the plant’s pre-treatment facility and were maintaining the flare system. Last week, Freeport LNG denied the Reuters’ rumors that Freeport […]
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U.S. Natural Gas Demand Set To Climb As Cold Weather Closes In
Posted on January 18, 2023 by Diligentia News in OilGas.A forecast for a coming cold spell prompted a rise in the price of natural gas in the United States on Tuesday as it pointed to stronger demand for the commodity. On Wednesday morning, however, natural gas prices were falling once again as mild weather set in and storage levels remained above the five-year average. […]
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Venezuela Suspends Oil Exports
Posted on January 18, 2023 by Diligentia News in OilGas.Venezuela’s PDVSA has suspended most of its crude oil exports for a review of the contractual terms that will be conducted under the new head of the company. The review aims to make sure there will be no payment defaults, Reuters reports, noting that since the imposition of U.S. sanctions on the trade in Venezuelan, […]
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