Day: October 5, 2022

Oil consumption plunged 22 percent to 1.52 million tonnes in the month of September this fiscal compared to 1.96 million tonnes in the same month of the last year owing to ebbing demand and rising fuels prices, data showed on Tuesday. The year-on-year drop in oil sales is primarily due to a rise in the fuel prices, lower vehicle sales, monsoon-halted agricultural activity and subsequent drastic reduction in the demand of petroleum products,” said Nasheed Malik, analyst at Topline Securities. Oil Companies Advisory Council (OCAC)’s data showed that amid lower…

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Despite the rise in U.S. energy bills, the White House will not limit in any way, let alone ban, exports of natural gas this winter, as it aims to help Europe with the energy crisis, two sources involved in the discussions told Reuters on Tuesday. The U.S. has been sending increased volumes of liquefied natural gas (LNG) to Europe since the Russian invasion of Ukraine and the subsequent halt of Russian pipeline gas supply to most of its customers in Europe. In fact, American LNG has been crucial in meeting…

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The risk of the global economy slowing down further and slipping into negative growth territory has been on a strong increase in the past few months. So much so that oil prices lost about a quarter of their value in the third quarter after rising strongly over the first two quarters of the year. It appears that this was only the beginning. Now, the UN is warning that a recession is imminent, and oil traders are selling their position and fleeing a market that may very soon see a positive…

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