Category Archives: OilGas
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IMF Slashes Growth Forecast for Middle East Exporters as Oil Prices Dip
Posted on May 2, 2025 by Diligentia News in OilGas.The International Monetary Fund (IMF) has downgraded its economic growth forecast for the oil exporters in the Middle East to 2.3% from 4% expected in October, due to the slide in oil prices. “Across the region, rising trade tensions and policy uncertainty are adding to the impact of conflicts and extended oil production cuts to […]
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Saudi Aramco likely to pick 20% each in new BPCL, ONGC refineries
Posted on May 2, 2025 by Diligentia News in OilGas.Saudi Aramco is likely to acquire 20 per cent ownership in two new refineries planned by state-owned companies Oil and Natural Gas Corp (ONGC) and Bharat Petroleum Corp (BPCL). The move comes as Saudi Arabia, the world’s top oil exporter, looks for a stable outlet for its crude in the world’s fastest-growing emerging market. Aramco […]
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India ready to collaborate openly to build inclusive global energy future: Hardeep Singh Puri
Posted on May 1, 2025 by Diligentia News in OilGas.Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri on Tuesday said India is ready to “collaborate openly” to build an inclusive global energy future. Speaking at a conference on the India-Middle East-Europe Economic Corridor here, Puri said IMEC represents India’s role as a global energy bridge. “India is ready to lead responsibly, collaborate […]
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Indian Oil agrees to five-year LNG deal with Trafigura, sources say
Posted on May 1, 2025 by Diligentia News in OilGas.Indian Oil Corp , the country’s top refiner, has agreed to a five-year liquefied natural gas (LNG) import deal with trader Trafigura, with prices linked to the U.S. Henry Hub benchmark, three trade sources said on Wednesday. Trafigura will supply three to four LNG cargoes this year and six cargoes annually from next year, said […]
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BPCL gives Sanjay Khanna additional charge of CMD
Posted on May 1, 2025 by Diligentia News in OilGas.Bharat Petroleum Corporation Ltd (BPCL) has given Sanjay Khanna the additional charge of the company’s chairman and managing director. Khanna is currently director (refineries) in the state-run company. He is a chemical engineering graduate from National Institute of Technology, Tiruchirapalli, and a postgraduate in finance management from Mumbai University. Khanna has more than three decades […]
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Indian Oil Corporation says not in talks for term crude import deal with Russia
Posted on May 1, 2025 by Diligentia News in OilGas.Indian Oil Corporation (IOC), the nation’s largest oil firm, is not discussing a term or fixed quantity deal for import of Russian oil given the volatility in the international market, Chairman A S Sahney said on Wednesday. India’s import of Russian oil has surged since the start of the Ukraine war in February 2022. Russia […]
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HPCL and ADNOC Trading sign LNG supply agreement to strengthen energy cooperation
Posted on May 1, 2025 by Diligentia News in OilGas.Hindustan Petroleum Corporation Limited (HPCL) has entered into a Liquefied Natural Gas (LNG) supply agreement with ADNOC Trading, a subsidiary of the Abu Dhabi National Oil Company (ADNOC). The agreement is part of ongoing efforts to enhance energy cooperation between India and the United Arab Emirates (UAE). Under the agreement, ADNOC Trading will supply LNG […]
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Is Saudi Arabia Preparing for Another Oil Price War?
Posted on May 1, 2025 by Diligentia News in OilGas.US benchmark WTI crude is down nearly 4% as Saudi Arabia reports emerge that not only can the Saudis sustain today’s low oil prices, but output increases are likely to be announced next week, for June output, sources speaking to both Reuters and Bloomberg have indicated. On Wednesday, Reuters cited five unnamed sources as saying […]
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Saudi Signals and Trump Tariffs Are Cracking the Oil Market
Posted on May 1, 2025 by Diligentia News in OilGas.Low inventories reported today by the Energy Information Administration (EIA) did nothing to staunch the bleeding, with WTI getting gutted nearly 4% on the day, and Saudi rumors throwing another spanner in the works, while new U.S. economic data suggests more pain is in store for the sector. Three weeks ago, eight OPEC+ countries unveiled […]
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Oil Prices Are Set for Another Monthly Dip
Posted on April 30, 2025 by Diligentia News in OilGas.Crude oil prices extended their latest decline today, looking set for a monthly drop that, according to Reuters, will be the deepest in three years. At the time of writing, Brent crude was trading at $63.46 per barrel, with West Texas Intermediate at $59.68 per barrel. Since the start of the month, the benchmarks have […]
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