Category Archives: OilGas
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Iran-Israel conflict: Oil, LNG prices may rise if Tehran blocks Strait of Hormuz
Posted on April 22, 2024 by Diligentia News in OilGas.Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict. The Iran and Israel conflict has escalated over the last few days. […]
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Rising Middle East Risk Sparks Fear of $100 Oil
Posted on April 17, 2024 by Diligentia News in OilGas.Despite Iran’s attack on Israel over the weekend, oil prices dropped on Monday as an Iranian response to the Israeli hit on the Iranian diplomatic mission in Syria was largely expected and priced in. The well-telegraphed-in-advance Iranian drone attack against Israel may have been peak escalation, for now, analysts and investment banks say. However, uncertainty […]
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Asian LNG Prices Soar on Fears of Wider Middle East Conflict
Posted on April 17, 2024 by Diligentia News in OilGas.Spot LNG prices in Asia jumped to the highest level since the beginning of January amid concerns that the conflict in the Middle East could further escalate. After lingering at around multi-month lows for nearly the entire winter heating season in the northern hemisphere, spot LNG prices for delivery into north Asia have jumped in […]
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GAIL plans to double capacity at its Dabhol LNG terminal
Posted on April 17, 2024 by Diligentia News in OilGas.GAIL is planning to more than double the capacity of its LNG terminal at Dabhol, Maharashtra, and build new terminals in the country to tap opportunities expected to emerge from the future growth in gas imports. The nation’s largest natural gasmarketer and transporter plans to raise the capacity of its Dabhol terminal to 12 million […]
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Brent Crude Prices Surge: Here’s How It Can Impact Indian Oil Companies
Posted on April 17, 2024 by Diligentia News in OilGas.Brent crude prices continue their upward trajectory and have surged 19.5% on a year-to-date basis on the back of heightened geopolitical tensions, along with a tighter global supply-demand scenario maintained by OPEC+ allied countries. Brent crude futures had breached the $90 per barrel threshold on April 5, reaching the highest level since October. Prices now […]
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Govt again hikes windfall tax on petroleum crude to ₹9,600 per tonne
Posted on April 17, 2024 by Diligentia News in OilGas.The Indian government has announced an increase in the windfall tax on petroleum crude, raising it from ₹6,800 to ₹9,600 per tonne. This adjustment will take effect from April 16 as part of the government’s biweekly tax revision. Notably, diesel and aviation turbine fuel will remain unaffected and maintain a zero windfall tax rate. Earlier […]
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Germany’s Oil and Gas Production Continues to Drop
Posted on April 16, 2024 by Diligentia News in OilGas.German oil and gas production fell again in 2023 compared to 2022, industry association BVEG said on Tuesday, calling for increased domestic production to reduce dependence on more emissions-generating LNG imports. Last year, Germany’s oil production dropped by 5.9% year-over-year, while natural gas output slumped by 10.4%. The share of domestic gas supply of total […]
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India’s Chhara LNG terminal gets first cargo
Posted on April 16, 2024 by Diligentia News in OilGas.India’s Hindustan Petroleum, a unit of state-owned ONGC, has received the first cargo of liquefied natural gas at its Chhara LNG import terminal in Gujarat, according to shipping data. The 2015-built 159,800-cbm, Maran Gas Mystras, arrived at the LNG terminal in the Chhara port on April 11, according to its AIS data provided by VesselsValue. […]
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Petrol sales up 7%, diesel declines 9.5% in April
Posted on April 16, 2024 by Diligentia News in OilGas.India’s petrol consumption soared 7 per cent in the first half of April but diesel sales were down 9.5 per cent ahead of the onset of a harsh summer season that is set to crank up fuel demand, preliminary data of state-owned firms showed on Tuesday. Petrol sales of three state-owned firms, which control 90 […]
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What Could Rising Tensions in Middle East Mean for India & World Economy? Impact on Oil and Rupee Explained
Posted on April 16, 2024 by Diligentia News in OilGas.As if the Hamas war was not enough that the escalation of tensions between Iran and Israel has added fuel to the fire in Middle East. The so-called retaliatory drone attack on Israel by Iran on Sunday is making the world anxious about this will pan out for the economies and geopolitics. Global leaders, including […]
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