Category Archives: OilGas
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Trump Factor: Decoding the potential impact on crude prices and India’s oil economy
Posted on November 12, 2024 by Diligentia News in OilGas.Energy markets are attempting to understand the implications of Donald Trump’s presidency on oil and gas prices. Analysts predict that his actions could significantly influence global crude oil prices, with an 80% likelihood of a decline. However, there are a few factors that could drive prices higher. Moreover, experts believe that although most of Trump’s […]
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WTI Breaks Below $70 as Demand Concerns Drive Bearish Sentiment
Posted on November 11, 2024 by Diligentia News in OilGas.West Texas Intermediate broke below $70 per barrel on Monday as Hurricane Rafael weakened to a storm that is unlikely to cause any damage to U.S. oil production in the Gulf of Mexico. Separately, oil benchmarks got depressed by trader pessimism about Chinese oil demand after the country’s ruling party announced its latest stimulus package, […]
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Russia explores plan to merge Rosneft with Gazprom subsidiary and Lukoil, WSJ reports
Posted on November 11, 2024 by Diligentia News in OilGas.Russia is working on a plan to merge state-backed Rosneft Oil, opens new tab with Gazprom Neft, opens new tab and Lukoil, opens new tab, creating the world’s second-biggest crude oil producer, the Wall Street Journal reported on Friday. Talks between executives and government officials took place over the past few months, and a deal […]
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India Now Biggest EU Fuel Exporter, Russian Oil Refinement Loophole
Posted on November 11, 2024 by Diligentia News in OilGas.India’s export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports […]
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India Defends Propping Up Russian Oil – Prices “would have hit the roof”
Posted on November 11, 2024 by Diligentia News in OilGas.India, the world’s third largest oil importer and consumer, has become the top buyer of discounted Russian sea-borne oil shunned by Western countries since Ukraine’s invasion began in early 2022. Before that, India bought little oil from its long-running defence partner, Russia. New Delhi has repeatedly defended its purchases from Russia as necessary to keep […]
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Northeast gas grid to be operational by 2026: Indian Gas Exchange CEO
Posted on November 11, 2024 by Diligentia News in OilGas.Ongoing work for Northeast Natural Gas Grid are as per the schedule and will likely be operational by 2026 according to Rajesh K Mediratta, Managing Director and CEO of Indian Gas Exchange (IGX). India’s northeast region has tremendous potential in the production of natural gas. The region has a deposit of 6 million MMSCMD Natural […]
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Bangladesh said to scrap Darshan Hiranandani’s gas supply plan, India unlikely to intervene
Posted on November 7, 2024 by Diligentia News in OilGas.India is aware of reports that Bangladesh has cancelled a proposed agreement with the Darshan Hiranandani-led H-Energy group to supply gas, but New Delhi is unlikely to intervene in the matter. The Mumbai-based company was to supply regasified liquified natural gas (LNG) to the energy deficient neighbour. The Bangladesh newspaper The Business Standard reported in […]
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OIL to form 3 JVs for CBG and CGD
Posted on November 7, 2024 by Diligentia News in OilGas.Oil India Limited (OIL) has got a nod from its board for formation of three joint venture companies with HWTPL, GPS Renewables, and BPCL. Formation of a Joint Venture Company (JVC) with Hindustan Waste Treatment Pvt. Ltd. (HWTPL) to take up initiatives for establishment of Compressed Biogas (CBG) projects with equity holding in the ratio […]
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Oil Prices Fall as Trump Inches Toward Victory
Posted on November 6, 2024 by Diligentia News in OilGas.Crude oil prices trended lower in midmorning Asian trade today, pressured by the first results from the U.S. elections and the latest weekly U.S. oil inventory report from the American Petroleum Institute. At the time of writing, Brent crude was trading at $73.68 per barrel, with West Texas Intermediate at $70.26 per barrel. Both were […]
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HPCL to Boost Iraqi Oil Imports in 2025
Posted on November 6, 2024 by Diligentia News in OilGas.According to a report by Reuters, India’s state-owned Hindustan Petroleum Corp Ltd plans to increase its yearly oil import agreement with Iraq to 100,000 barrels per day (bpd) in 2025, which would represent a 43% increase from this year. According to the report, HPCL has an annual agreement to purchase 70,000 barrels of Iraqi oil […]
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