Category: Highlights

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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The world’s commodity and oil traders are playing a crucial role in securing supplies amid a global energy crisis and disrupted trade flows following Russia’s invasion of Ukraine. Last week, the world’s biggest oil and gas traders met in Singapore for one of their industry’s top conferences. The war in Ukraine has been a double-edged sword for these traders who historically have been leading shippers of Russian oil. On one hand, they have benefited from being able to buy Russian oil at a big discount but on the other hand,…

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Saudi Arabia may raise the prices for its crude export grades to Asia next month in response to signs of recovering crude demand in one of its biggest markets and the new batch of fuel export quotas issued by Beijing. Energy consultancy FGE said last week that Chinese refiners had been issued fuel quotas to the tune of 13.25 million tons for transport fuels and almost 2 million tons of very low-sulfur fuel oil, valid through the end of the year. They also have some 7 million tons left from…

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