Category Archives: OilGas
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India indicates readiness to release more oil reserves
Posted on April 15, 2024 by Diligentia News in OilGas.India will take “appropriate” steps to calm the rise in oil prices, triggered by Russia’s invasion of Ukraine, the junior oil minister said on Monday, indicating the country could release more oil from national stocks if required. India, the world’s third biggest oil consumer and importer, imports about 85% of its oil needs. “Government of […]
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Oil on boil as Iran launches attack on Israel; What would be the impact on petrol prices?
Posted on April 15, 2024 by Diligentia News in OilGas.Crude oil prices are again seen to be moving towards $100 per barrel as Iran launched attacks against Israel on April 13, putting strain on import-dependent India. India—a net importer of crude oil—is highly sensitive to international oil prices as it receives over 85 percent of its requirements from other nations. This directly links the […]
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Govt set to take measures through Gas-based Power Plants
Posted on April 15, 2024 by Diligentia News in OilGas.To meet the high electricity demand in the country during the summer season, the Government of India has decided to operationalize gas-based power plants. To ensure maximum power generation from Gas-Based Generating Stations. The government has issued directions to all Gas-Based Generating Stations under Section 11 of the Electricity Act, 2003 (under which the appropriate […]
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Brent crude may hit $100/barrel this year if OPEC+ continues output cut
Posted on April 12, 2024 by Diligentia News in OilGas.The crude price in the international market could hit $100 a barrel this year if OPEC+ (the Organization of Petroleum Exporting Countries) continues with its production cut, said Russell Hardy, chief executive of the world’s largest energy trader, Vitol. Russell, speaking at the FT Commodities Global Summit in Switzerland’s Lausanne, also mentioned that Vitol is […]
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Europe becomes top spot for India’s exports of petroleum products
Posted on April 12, 2024 by Diligentia News in OilGas.Europe became the top destination for India’s export of petroleum products such as petrol and diesel, supplying $18.4 billion worth of these products this fiscal, from April to January 2024. According to the commerce ministry data, India exported refined petroleum product the most, $10.9 billion, to the Netherlands, followed by $5.7 billion to Singapore, $5.4 […]
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Natural Gas should be subject to GST, says GAIL Chairman
Posted on April 12, 2024 by Diligentia News in OilGas.The government would need to undertake major policy changes if the country is to meet its objective of more than doubling natural gas’s share in the energy mix to 15% by 2030, according to GAIL chairman Sandeep Kumar Gupta. Sanjeev Choudhary, the former finance chief of Indian Oil Corporation who will take over as CEO […]
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Gas Glut? Not for Long.
Posted on April 12, 2024 by Diligentia News in OilGas.Natural gas prices are falling all over the world. There is abundant supply, and demand has been lukewarm this northern hemisphere winter, which was relatively mild. Indeed, the global gas market is in oversupply. This prompted Morgan Stanley to recently forecast a gas glut that we have not seen in decades. It was going to […]
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Work On Brahmapuram CBG Plant To Begin Soon
Posted on April 10, 2024 by Diligentia News in OilGas.The work on compressed biogas (CBG) plant proposed at Brahmapuram will soon be started. The private firm which was awarded the work has started bringing the machineries to the site. Kochi corporation officials said that preliminary works like preparation of ground is expected to start by next week. As per schedule, the work will be […]
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OPEC+ Faces Fork in the Road
Posted on April 10, 2024 by Diligentia News in OilGas.OPEC+ once again extended its oil production cuts this month. The decision was anything but unexpected and, unlike previous production policy announcements, it had the desired effect on prices. However, it could only work for so long. Soon, OPEC will need to make a decision. Last year, oil traders were almost exclusively focused on demand […]
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China Surpasses India as Largest Importer of Russian Crude
Posted on April 10, 2024 by Diligentia News in OilGas.China has surpassed India as the primary importer of Russian crude oil via sea routes, with China importing 1.82 million barrels per day (bpd) in March compared to India’s 1.36 million bpd. This shift is attributed to India’s slowdown in imports due to sanctions and rising prices. China’s Rising Imports In March, China imported 1.82 […]
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