BUSINESS
IEA raises 2024 global oil demand estimates amid improved outlook from US
The organisation, however, said the pace of expansion would still slow from 2.3 million bpd in 2023 to 1.3 million bpd in 2024. In the last month’s report, IEA had forecast global oil demand at 1.2 million bpd for 2024.
COMMODITIES
OPEC forecasts strong global oil demand in 2024, 2025 driven by transportation fuels
In an OPEC report released on March 12, the oil cartel said global oil demand is expected to expand by 2.2 million barrels per day (bpd) in 2024, and by 1.8 million bpd in 2025.
BUSINESS
Crude prices have fallen since 2022 but petrol, diesel retail prices remain same. Why have OMCs not cut prices?
With global crude oil prices trading around $80 a barrel since late 2023 and oil marketing companies turning profitable, consumers have been expecting a cut in fuel prices
BUSINESS
Domestic fuel price cut can be considered when crude prices stabilise: Hardeep Singh Puri
However, given the ongoing crisis in the Red Sea and geopolitical tensions, a reduction in fuel prices seems unlikely for the OMCs, said Puri.
BUSINESS
MC Explains: Green hydrogen scheme announced by UP govt and other states’ policies
The UP government’s green hydrogen policy, which has been set for five years, would provide subsidies and other incentives totalling Rs 5,045 crore to the companies investing during the period.
BUSINESS
Oil and gas regulator talks to states on lowering cost of laying pipelines
PNGRB Member Gajendra Singh said building infrastructure for gas should not solely be considered as a source of income by state governments, but also as an opportunity for creating a facility for people.
BUSINESS
Exclusive: PNGRB advocating reasonable returns for CGD cos, concerned over extra profits
Member Gajendra Singh said PNGRB has now started working on collecting data for CGD companies' distribution charges to examine prices charged by them.
BUSINESS
BPCL, HPCL, Oil India bag license for building gas infra in J&K, Northeast
Minister of Petroleum and Natural Gas Hardeep Singh Puri said investment for the 12th CGD bidding round is expected to be Rs 41,000 crores, generating considerable employment opportunities.
BUSINESS
Mc Explains: India’s biofuel focus and the challenges ahead
In a recent push to the biofuels industry, Finance Minister Nirmala Sitharaman announced financial assistance for the procurement of biomass aggregation machinery in the Interim Budget presented on February 1. The mandate on blending will ensure offtake of the energy produced.
BUSINESS
MC Interview|NRL expects commissioning of expanded refinery by Dec 2025, says MD
The Assam-based company is increasing refining capacity from 3 MTPA now to 9 MTPA.
BUSINESS
Exclusive: Numaligarh Refinery planning for IPO in next two years, says MD
The Assam-based refinery’s head said major expansion projects of the company would have been commissioned in the next two years, working in favour of the IPO plans.
BUSINESS
GAIL eyeing LNG at competitive rates to keep prices affordable for customers
Consumers in India are highly price sensitive, and affordable gas pricing is the only way to ensure that they do not switch to other fuels, said Sanjay Kumar, Director (Marketing).
BUSINESS
China, India to dominate global oil demand in 2024: IEA
International Energy Agency, however, said the expansive post-pandemic growth phase in global oil demand has largely run its course as growth eased from 2.8 million bpd in Q3 of 2023 to 1.8 million bpd in Q4.
BUSINESS
India in talks with Germany for technology collaborations in biofuel sector, says IBA’s Gaurav Kedia
The government is looking at technologies from Germany to process feedstock such as paddy straw and municipal solid waste, said Gaurav Kedia, Chairman of Indian Biogas Association (IBA).
BUSINESS
Gujarat Gas Q3 results: Net profit declines 40% YoY to Rs 221 crore
Gujarat Gas’s revenue from operations rose around 7 percent during Q3FY24 to Rs 4,084 crore
BUSINESS
Red Sea crisis: India’s Russian oil buys get more expensive on detour due to Houthi attacks
Shipments from Moscow are taking a longer route via the Cape of Good Hope to avoid attacks on commercial vessels on the Red Sea route
BUSINESS
Volatility in crude prices may continue until 2030 amid lack of investments: BCG
Under-investment in the energy sector over the last 10 years, despite growing demand, will be a major reason for volatility in oil prices, said Boston Consulting Group’s Pattabi Seshadri.
BUSINESS
MC Interview | Oil India plans to drill 33% more wells in FY25 to boost production: CMD
Oil India Limited (OIL) will drill around 60 wells in all its assets in FY25, compared to 45 wells drilled in the current year, said CMD Ranjit Rath.
BUSINESS
Govt announces 3rd edition of energy conclave India Energy Week in Delhi
Concluding the second edition of IEW 2024 on February 9, Minister of Petroleum and Natural Gas Hardeep Singh Puri said the event has emerged as a prominent global energy conclave.
BUSINESS
MC Interview | Companies are hiring more, investing in India’s energy sector: Oil Minister Hardeep Singh Puri
If crude supply is not disrupted any more, oil marketing companies may consider fuel retail price cuts, the minister said.
BUSINESS
Exclusive: Not considering additional subsidies for biofuels, says Hardeep Singh Puri
Biofuel plants do not cost much and incentives already in place are enough for development, the Union Minister of Petroleum and Natural Gas said
BUSINESS
MC Interview | Crude prices will remain at current levels, India’s imports will rise: IEA oil markets head
From now till 2030, India will be the largest source of oil demand growth globally, says Toril Bosoni. As a big crude oil buyer, India can certainly do term deals at better terms and better prices, she said.
BUSINESS
Engineers India looks forward to upward trend in order book in FY25: CMD
EIL’s order book is close to about Rs 8,000 crore as of now in the current financial year, said Vartika Shukla, Chairman and Managing Director. The company is looking to make forays into the green hydrogen and green ammonia space too
BUSINESS
IEW 2024: India investing more than ever in energy sector, says PM Modi
Modi said energy sector would be allocated a large part of the Rs 11 lakh crore announced in the Budget 2024 for infrastructure.
