US gasoline and diesel prices have dropped, but a potential change in Canada's oil policy could disrupt supply chains, especially for US refineries reliant on heavy crude oil imports.
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India recorded a 7.4% increase in petroleum product consumption in July 2024, consuming 19.65 million metric tons (MMT) compared to 18.29 MMT in the same month last year, the Petroleum Planning and Analysis Cell (PPAC) said in a report.
Nepal plans to export nearly 1,000 megawatts of electricity to India, marking a "new milestone" after extensive talks with Nepalese Prime Minister Arzu Rana Deuba.
Liquefied petroleum gas usage in India surged by 10.1% due to domestic schemes like Pradhan Mantri Ujjwala Yojana, while petrol consumption soared by 10.5% due to increased personal mobility demand.
Russian seaborne fuel oil and vacuum gasoil exports increased by 7% in July, reaching 4.05 million metric tons, with China and Saudi Arabia as top destinations.
India, the world's third-largest oil importer, remained Russia's second-largest crude buyer in July, importing $2.8 billion worth of Russian crude, according to CREA data.
As part of its national climate plan or nationally determined contributions to limit global warming to 1.5 degrees Celsius, India has committed to achieving 500 GW of non-fossil fuel-based electricity installed capacity by 2030.
India purchased $2.8 billion worth of crude oil from Russia in July, becoming the second-largest buyer after China, largely due to discounted prices following Ukraine's invasion.
The Oil and Natural Gas Corporation (ONGC) has said that the Indian Ministry of Petroleum and Natural Gas (MOP&NG) has announced a 20% premium on gas produced from new wells or well interventions.
Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers.
OPEC+ could extend the group's current oil production cuts into 2021 or deepen them further if market conditions require, Algeria's energy minister told an industry event on Wednesday.
India's largest oil marketing company, Indian Oil, leads the pack with 15% ethanol blending, aiming for 20% nationwide blending by 2025, while other players are dispensed 15% in petrol.
India's oil demand is likely to surge from 5.4 million barrels per day in 2023 to 8.3 million bpd by 2050. To meet this rise in oil demand, the Indian Oil Corporation (IOC) aims to increase their refining capacity from 70.25 million tonnes per annum to 88 million tonnes per year.
The US EIA has forecast that US oil markets will experience a closer balance between supply and demand this year. At the same time, the EIA has revised its forecast for 2025 crude prices downwards compared with its Short-Term Energy Outlook (STEO), published in July.
Pipeline operator TC Energy Corp. said Tuesday, July 30, it will sell a 5.34% stake in its Canadian natural gas pipeline system to Indigenous communities for C$1 billion as part of its plan to reduce the debt burden and fund investments.
India's Numaligarh Refinery Ltd (NRL) does not expect its shipments of diesel to Bangladesh to be affected by political upheaval in the neighbouring country, the company said on Friday.
The Trans Mountain oil pipeline's launch in Canada was a unique event, with hopes for increased production and increased oil prices. However, some expectations have not materialized, resulting in a significant discount to the US benchmark.
India's solar energy share is projected to reach 46% by 2047, reaching 856 GW, according to NITI Aayog's "India Energy Securities Scenarios 2047" analytical tool.
Brent crude futures were up 45 cents, or 0.6%, to $76.93 a barrel at 0823 GMT. U.S. West Texas Intermediate crude was up 47 cents, also 0.6%, to $73.67.
New peer-reviewed research published this week provides new and much-needed clarity about the methane footprint created by Canada’s oil and gas industry and the country’s progress toward addressing it.