Category Archives: OilGas
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India’s oil imports to be disrupted as US-Venezuela tensions escalate
Posted on March 18, 2024 by Diligentia News in OilGas.Indian imports of cheap Venezuelan oil, the country’s fifth-biggest crude supplier in 2019, may face disruptions from April as the US and the South American country are embroiled in a dispute over renewing a six-month permission for crude exports. Uncertainty over Venezuelan supplies for Indian refiners comes amid reduced discounted Russian flows also targeted by […]
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Bloomberg Survey: Brent To Exceed $80 By Year’s End
Posted on March 18, 2024 by Diligentia News in OilGas.The Brent crude oil benchmark is set to exceed $80 per barrel by the end of this year, according to a new Bloomberg Intelligence oil price survey. The survey showed that the majority of respondents—53%–see Brent crude oil prices above $80 per barrel at the end of 2024. A much smaller percentage—5%–see crude oil prices […]
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Russia Oil Revenue Falls As Some Buyers Shun Its Crude, IEA Says
Posted on March 15, 2024 by Diligentia News in OilGas.Russia’s oil-export revenue declined in February as tougher monitoring of western sanctions against the Kremlin reduced some buyers’ appetite for the nation’s barrels, according to the International Energy Agency. The top-three global oil producer earned $15.69 billion from crude and petroleum product exports last month, down 0.95% from January, the Paris-based agency said in its […]
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Brent Soars Past $85 As IEA Recalculates Supply, Demand
Posted on March 15, 2024 by Diligentia News in OilGas.Crude oil prices hit a four-month high on Thursday, with the U.S. benchmark crossing over the $80 mark and Brent passing $85 per barrel after changes in supply and demand predictions that bring OPEC+ and International Energy Agency (IEA) forecasts into closer alignment. After gaining nearly $3 on Wednesday, at 3:43 p.m. ET on Thursday, […]
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India Poised for $4.95 Billion Natural Gas Infrastructure Investment
Posted on March 14, 2024 by Diligentia News in OilGas.India is expecting significant investment of 410 billion rupees ($4.95 billion) to build a natural gas pipeline infrastructure in its northeastern states and the federal territories of Kashmir and Ladakh. This investment is part of India’s efforts to increase the use of cleaner fuel and reduce carbon emissions. Prime Minister Narendra Modi aims to raise […]
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India Faces Clean Energy Challenges As Energy Demand Soars, Global Fossil Fuel Subsidies Rise
Posted on March 14, 2024 by Diligentia News in OilGas.The 2022 global energy crisis, together with India’s growing energy demand, has led the country to adopt a hybrid approach, expanding all forms of supply in 2023. This approach has pushed India’s total energy subsidies to 9-year high of Rs 3200 billion (USD 39.3 billion) for the fiscal year ending 2023, states new report titled […]
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BPCL signs initial pact to set up Compressed Bio Gas plants in Bhilai
Posted on March 14, 2024 by Diligentia News in OilGas.An MoU was signed on Wednesday between BPCL, Chhattisgarh Biofuel Development Authority and municipal corporations of Raipur and Bhilai for the production of Compressed Bio Gas (CBG) in Chhattisgarh, officials said. As per the pact, BPCL- a central PSU, will set up CBG plants in Raipur and Bhilai with an investment of around Rs 1 […]
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Rising Gasoline Prices Bring Bad News for Biden
Posted on March 14, 2024 by Diligentia News in OilGas.The recent rise in U.S. gasoline prices is driving up inflation higher than expected, complicating the Fed’s monetary easing plans and President Joe Biden’s task to convince voters his Administration is winning the fight on the economy front. The latest U.S. consumer price reading from Tuesday showed inflation rose more than anticipated on the back […]
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India achieves 11.6% ethanol blend with petrol in first 4 months of 2023-24
Posted on March 14, 2024 by Diligentia News in OilGas.India has achieved an average ethanol blending rate of 11.60 per cent in the first four months of 2023-24 supply year that started from November, against the 15 per cent target set by the government for the whole year. By 2025 supply year, the government has set the target of blending 20 per cent ethanol […]
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US trying to help India get lower prices for Russian oil, Joe Biden envoy says
Posted on March 13, 2024 by Diligentia News in OilGas.The United States is trying to help India negotiate lower prices for Russian oil as it deepens sanctions on tankers carrying the petroleum above Western price caps, President Joe Biden’s energy envoy said on Tuesday. Washington imposed sanctions late last month on Russia’s leading tanker group Sovcomflot on the two-year anniversary of Moscow’s full scale […]
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