Category Archives: OilGas
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Gas Prices Set for a Breakout in 2025
Posted on December 9, 2024 by Diligentia News in OilGas.Natural gas prices are on the climb and this climb is about to intensify in the first months of the new year as seasonal demand hits its peak in the northern hemisphere. That’s bad news for struggling economies. Gas prices in Europe, Asia, and North America have made solid gains this year. Reuters’ Gavin Maguire […]
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Pakistan defers LNG contract with Qatar for a year, petroleum minister says
Posted on December 5, 2024 by Diligentia News in OilGas.Pakistan has deferred an agreement to buy liquefied natural gas from Qatar for a year, Petroleum Minister Musadik Malik said on Wednesday, and will now receive the contracted LNG cargoes in 2026 instead of 2025. “We currently have a surplus of LNG, so we are not importing any new cargo,” said Malik. There were no […]
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Why Gas Markets Aren’t Scared of Mideast Conflict Right Now
Posted on December 5, 2024 by Diligentia News in OilGas.U.S. natural gas futures dropped to $3.08/MMBtu on Tuesday, their lowest in over a week, after surging 20% in November. Gas prices have declined amid forecasts of milder weather in mid-December, following a brief cold spell that had driven earlier gains. Utilities have stopped drawing heavily from storage, despite colder-than-usual weather recently boosting consumption. Meanwhile, […]
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Oil Prices Predicted to Plummet Below $60 Under Trump
Posted on December 5, 2024 by Diligentia News in OilGas.A new survey from law firm Haynes Boone LLC has revealed that banks are gearing up for oil prices to fall below $60 a barrel by the middle of President-elect Donald Trump’s new term, Bloomberg reported on Monday. The survey of 26 bankers showed that they expect WTI prices to drop to $58.62 a barrel […]
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Petrol and diesel sales rebound across India on festival demand
Posted on December 4, 2024 by Diligentia News in OilGas.India’s petrol and diesel consumption soared in November 2024 as the festive season reversed a slump in demand for motor fuels that was witnessed in previous months, reveals the preliminary data released by the state-owned oil marketing firms. While petrol sales have shown a year-on-year (YoY) increase, diesel sales remained a laggard since monsoon this […]
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Amit Garg Recommended as CMD of HPCL by MoPNG Panel
Posted on December 4, 2024 by Diligentia News in OilGas.Amit Garg, currently serving as Director (Marketing) at Hindustan Petroleum Corporation Limited (HPCL), is set to become the next Chairman and Managing Director (CMD) of the Maharatna public sector enterprise. A selection panel formed by the Ministry of Petroleum and Natural Gas (MoPNG) has recommended his name for the top post following interviews conducted, according […]
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Ethanol-petrol blending initiative helped farmers earn Rs 575 billion in 3 years: Centre
Posted on December 4, 2024 by Diligentia News in OilGas.The Ethanol-Blended Petrol (EBP) programme has helped expeditious payment of about Rs 575.52 billion to the farmers and savings of more than Rs 750 billion of foreign exchange in the last three years, the Parliament was informed on Monday. Under the EBP programme, public sector oil marketing companies (OMCs) sell ethanol blended with petrol. Minister […]
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LNG imports surge 10.8% in October as domestic gas output falls by 1.6%
Posted on December 3, 2024 by Diligentia News in OilGas.India’s natural gas landscape in October 2024 reflected a mixed bag of growth and challenges, with liquefied natural gas (LNG) imports rising sharply by 10.8% year-on-year to 2941 million standard cubic meters (MMSCM), while domestic production fell by 1.6% to 3111 MMSCM. The latest report from the Petroleum Planning & Analysis Cell (PPAC) highlights the […]
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India Removes Windfall Profit Tax On Crude Oil And Fuel Exports To Boost Energy Sector
Posted on December 3, 2024 by Diligentia News in OilGas.The Centre on Monday eliminated the windfall profit tax that had been in place for 30 months on domestically-produced crude oil and fuel exports. Minister of State for finance Pankaj Chaudhary tabled a notification in the Rajya Sabha about the decision of removing tax on crude oil produced by companies like ONGC and fuel exports […]
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India Sees 9% Jump in Gasoline Consumption in November
Posted on December 2, 2024 by Diligentia News in OilGas.Gasoline sales in India hit 3.42 million metric tons in November, which was a 9.2% increase on the year, the Economic Times has reported, noting diesel demand also grew, with November sales adding 8.4% on the year to 8.158 million tons. Aviation fuel demand also grew last month, further evidence of India’s growing demand for […]
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