Category Archives: OilGas
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China’s Reopening May Not Lead To A Major Jump In Oil Prices
Posted on January 17, 2023 by Diligentia News in OilGas.China has undergone three distinct phases in its reaction to COVID-19 since the Wuhan Municipal Health Commission reported the first small cluster of cases of ‘pneumonia’ in Wuhan city in Hubei Province on 31 December 2019. The first phase was the quick implementation of the ‘zero-COVID’ policy that allowed for the fast economic bounce back […]
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The Truth Behind European Big Oil’s Bet On Hydrogen
Posted on January 16, 2023 by Diligentia News in OilGas.Back in 2020, the European Union set out its new hydrogen strategy as part of its goal to achieve carbon neutrality for all its industries by 2050. The regional bloc outlined an extremely ambitious target to build out at least 40 gigawatts of electrolyzers within its borders by 2030, or 160x the current global capacity […]
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RBI sees need for ‘oil-proofing’ economy amid global shocks
Posted on January 16, 2023 by Diligentia News in OilGas.The Reserve Bank of India has in a new report underlined the need to achieve energy security amid the global uncertainties impacting oil supplies and prices. “The need for oil-proofing the Indian economy – its financial and real sectors, from shocks or adverse geopolitical events cannot be overstated. This also points to the need for […]
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India’s Russian oil imports top 1 mn barrels a day in December
Posted on January 16, 2023 by Diligentia News in OilGas.Russia supplied 1.19 million bpd of crude oil to India in December alone. Russia’s crude oil export to India surged to a new record in December 2022. Moscow has remained the top oil supplier of India for consecutive months. According to data from energy cargo tracker Vortexa, India imported crude oil from Russia 1 million […]
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The good times may be over for liquefied natural gas, for now
Posted on January 16, 2023 by Diligentia News in OilGas.Liquefied natural gas is no longer shaping up as the hot commodity for 2023, with prices plummeting and supply seen outpacing new demand in 2023, Avi Salzman wrote in Barron’s this week. LNG producers likely will add 20M metric tons of LNG capacity to the market this year while annual demand grows by just 10M […]
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U.S. Natural Gas Prices Plummet Despite Inventory Drop
Posted on January 13, 2023 by Diligentia News in OilGas.Natural gas prices in the United States have plunged and remained low despite a sharp drop in inventories at the end of 2022. Reuters’ John Kemp reported today that working gas stocks in underground storage in the U.S. had ended last year 9% below the five-year average for that time of the year, falling by […]
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India sets hydrogen, ammonia consumption targets for some industries -govt
Posted on January 13, 2023 by Diligentia News in OilGas.India has set green hydrogen consumption targets for some industries, so as to generate demand for cleaner fuel in its quest to reach net zero by 2070, the government said on Friday, as it unveiled its policy for green energy. One of the world’s biggest emitters of greenhouse gases, India approved a plan of incentives […]
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China Books Its Second Annual Oil Import Decline In A Row
Posted on January 13, 2023 by Diligentia News in OilGas.China imported 10.17 million barrels of crude oil daily last year, down by almost a percentage point from 2021. This was the second annual decline in imports in a row after 2021 also saw lower imports than 2020. Citing data from the Chinese customs authorities, Reuters reported today that the drivers behind the decline were […]
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Where Are Oil Prices Heading In 2023?
Posted on January 13, 2023 by Diligentia News in OilGas.At the beginning of 2023, several factors are at play in determining the short and medium-term trend in oil prices this year. Supply and demand concerns, tightening monetary policy globally, expectations of a material slowdown in economic growth and possible recessions, and China’s reopening with a Covid exit wave are all impacting crude oil prices. […]
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Indian Oil Officers’ body sends SOS to Puri against abolishment of Director (R&D) post
Posted on January 13, 2023 by Diligentia News in OilGas.The Indian Oil Officers’ Association has written a letter to Hardeep Singh Puri, Minister for Petroleum and Natural Gas, urging the minister to review and disapprove the proposal to abolish the post of Director (R&D) at Indian Oil Corporation. According to the letter accessed by PSU Watch, the officers’ association has questioned the rationale behind […]
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