Category Archives: OilGas
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OPEC+ Speeds Up Oil Output Hikes, Adds 548,000 Bpd In August
Posted on July 7, 2025 by Diligentia News in OilGas.OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and US attacks on Iran. The group, which pumps about half of the world’s oil, has been curtailing production since 2022 to […]
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IOC draws up green hydrogen fuel retail network plan
Posted on July 4, 2025 by Diligentia News in OilGas.Indian Oil Corp. (IOC), the country’s largest oil-marketing company with over 37,500 petrol stations, is working on a new business plan to set up green hydrogen fuel dispensing pumps across the nation, chairman Arvinder Singh Sahney said in an interview. Sahney said that apart from captive consumption at its refineries, where Indian Oil would look […]
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Oil Prices Dip on Confirmation of Inventory Build
Posted on July 3, 2025 by Diligentia News in OilGas.Crude oil prices opened weaker today following Wednesday’s release of U.S. oil inventory data that confirmed API’s estimate of a build. Regardless of the fact that the build, at 3.8 million barrels as estimated by the EIA, followed several weeks of draws, it pushed prices lower in the last trading day before the July 4th […]
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Standard Chartered: Oil Markets Can Easily Absorb Extra OPEC+ Barrels
Posted on July 3, 2025 by Diligentia News in OilGas.Oil markets kicked off the new year in a downbeat mood, with Wall Street analysts almost unanimously predicting a huge oversupply in 2025 even if OPEC+ did not add a single barrel back into the market. Well, it’s six months on, and oil markets have continued to defy these bearish expectations. The eight OPEC+ countries […]
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Diesel days numbered? India eyes massive LNG truck expansion by 2040
Posted on July 3, 2025 by Diligentia News in OilGas.India’s liquefied natural gas (LNG) truck population is projected to grow from around 700 trucks in FY24 to nearly 2,00,000 by 2040 under the Petroleum and Natural Gas Regulatory Board’s (PNGRB) Good-to-Go (GtG) scenario and to 5,00,000 in a high-growth Good-to-Best (GtB) scenario. In contrast, China has already crossed 8,00,000 LNG trucks with a network […]
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Pakistan looking to sell excess LNG amid supply glut curbing local gas output – document
Posted on July 3, 2025 by Diligentia News in OilGas.Pakistan is exploring ways to sell excess liquefied natural gas (LNG) cargoes amid a gas supply glut that could cost domestic producers $378 million in annual losses, according to a presentation and a government official familiar with the matter. The country has at least three LNG cargoes in excess that it imported from top supplier […]
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India to lead global oil demand: S&P Global
Posted on July 2, 2025 by Diligentia News in OilGas.Even as long-term global oil demand is projected to decline due to alternative energy adoption and efficiency gains, India is expected to lead the global oil demand growth, as per S&P Global Commodity Insights. The growth in demand will, however, increase the country’s import dependency, reinforcing the need for a diversified crude sourcing strategy amid […]
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Petrol sales rise 6.4% in June; diesel up 1.2%
Posted on July 2, 2025 by Diligentia News in OilGas.Petrol sales increased 6.4% year-on-year in June, while diesel sales went up 1.2%, according to provisional data provided by the petroleum and natural gas ministry. Aviation turbine fuel (ATF) sales increased 3.6% year-on-year in June. The consumption of liquefied petroleum gas (LPG), used primarily for cooking, surged 10.2%. For the April-June quarter, petrol sales registered […]
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Crude oil prices back at $67/barrel, likely to remain stable: Minister Puri
Posted on July 2, 2025 by Diligentia News in OilGas.Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said crude oil prices are back at USD 67 per barrel and are likely to remain around that level. Speaking at the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI), Puri also said India increased biofuel blending and is sourcing […]
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India plans new strategic oil reserve to enhance energy security
Posted on July 2, 2025 by Diligentia News in OilGas.India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security, the head of the company in charge of strategic reserves said on Wednesday. India, the world’s third-biggest oil importer and consumer, imports more than 80% of its oil needs and is constantly diversifying its crude sources to […]
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