Category Archives: OilGas
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Citi Sees Oil Prices Falling to $70 Range in Q3 2024
Posted on May 15, 2024 by Diligentia News in OilGas.Oil prices have pulled back sharply to a three-month low as a combination of demand concerns and easing geopolitical premium take a toll. Last week, the Energy Information Administration’s (EIA) reported that U.S. crude inventories declined by 1.362 million barrels, smaller than the Wall Street consensus at 1.430 million barrels. The smaller-than-expected fall came hot […]
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India’s Diesel & Petrol Exports Decline 20% To USD 33 Bn In 2023-24
Posted on May 10, 2024 by Diligentia News in OilGas.India’s exports of diesel and petrol witnessed a significant decline of 20 per cent year-on-year, amounting to USD 33 billion in the fiscal year 2023-24. This drop in export revenues can be attributed to the stabilisation of international fuel prices after the market disruptions caused by the Russia-Ukraine war in early 2022. Despite the decline […]
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QatarEnergy and Nakilat shake hands on deal for 9 largest LNG vessels ever built
Posted on May 10, 2024 by Diligentia News in OilGas.With a capacity of 271,000 cubic meters each, these nine QC-Max vessels constitute half of the 18 advanced QC-Max class LNG vessels that will be constructed at China’s Hudong-Zhonghua Shipyard, thanks to a $6 billion contract, which the Qatari heavyweight signed with China State Shipbuilding Corporation (CSSC). These vessels, which will adopt a dual-fuel low-speed […]
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EU Proposes First Batch Of Sanctions On Russian LNG
Posted on May 8, 2024 by Diligentia News in OilGas.Over the past two years, the U.S. and its Western allies have imposed a raft of sanctions on Russian energy commodities, including a $60-a-barrel cap on Russia’s seaborne exports of crude oil. Europe has, however, shied away from placing limitations on Russian gas, hardly surprising considering that the share of Russia’s pipeline gas in EU […]
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LNG futures trading surges in April as India prepares for summer demand surge
Posted on May 8, 2024 by Diligentia News in OilGas.In the wake of rising demand and geopolitical tensions, liquefied natural gas (LNG) futures traded volumes experienced a notable surge in April, marking robust activity in anticipation of the summer season. Amidst these dynamics, India, a significant player in the LNG market, continues to see an upward trajectory in its LNG imports, driven by various […]
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Gautam Adani in talks with banks to borrow $600 million for gas unit
Posted on May 8, 2024 by Diligentia News in OilGas.Billionaire Gautam Adani’s conglomerate is seeking an offshore loan of about $600 million to refinance existing debt, according to people familiar with the matter. The loan will be raised by Dhamra LNG Terminal Pvt., a unit of Adani Total Pvt., the people said, asking not be named because the details are private. The debt’s tenor […]
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Reliance renews bid for US license to import Venezuelan oil, sources say
Posted on May 8, 2024 by Diligentia News in OilGas.Indian oil refiner Reliance Industries has resubmitted a request to the U.S. for an authorization to import crude oil from sanctioned Venezuela, three people close to the matter said, and resume oil trade between the OPEC producer and the once second-largest destination for its oil. French oil producer Maurel & Prom separately on Monday said […]
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April fuel consumption rises by 6.1% year-on-year: Oil ministry data
Posted on May 8, 2024 by Diligentia News in OilGas.India’s fuel consumption rose by 6.1 per cent year-on-year in April, data from the Petroleum Planning and Analysis Cell of the oil ministry showed on Tuesday. WHY IT IS IMPORTANT India is the world’s third-biggest oil importer and consumer. The data is a proxy for the country’s oil demand. KEY QUOTE “The rise in total […]
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Oil Demand Likely To Surprise To The Upside
Posted on May 6, 2024 by Diligentia News in OilGas.Oil prices have recorded the biggest weekly decline in three months thanks in large part to challenging economic indicators and growing demand concerns. Last week, U.S. crude inventories posted an unexpected rise, with the American Petroleum Institute (API) reporting a build of 4.91 million barrels, a sharp contrast from the anticipated decrease of 1.1 million […]
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LNG spot prices have fallen. What does it mean for India
Posted on May 6, 2024 by Diligentia News in OilGas.Global LNG market has been well-supplied in 2024, which has resulted in lower prices of the fuel since the beginning of the year. India—which is dependent on gas imports for 50 percent of its needs—has been a beneficiary of this ample supply in the market and has ramped up its consumption so far. Increasing natural […]
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