Fitch Ratings on Tuesday cut its India gas consumption outlook for the current fiscal to a growth of 5 per cent as the recent spike in domestic gas prices and high LNG rates would slow the shift to the environment-friendly fuel. The government more than doubled the price of gas from domestic fields to $ […]
India produced 2526.11 TMT of crude oil in March, which was 12.49% lower than the target for the month and 3.37% lower than the production of March 2021, the Petroleum and Natural Gas Ministry said in a statement. “Cumulative crude oil production during April-March, 2021-22 was 29690.78 TMT, which is 11.67% and 2.63% lower than […]
The world’s demand for natural gas is set to decline slightly in 2022 as a result of higher prices and market disruptions caused by Russia’s invasion of Ukraine, according to the International Energy Agency’s latest quarterly update. The expected small contraction in global gas demand compares with the IEA’s earlier forecast of 1% growth in the […]
Fitch Ratings said the 110% increase in natural gas prices by the Indian government, along with a recent revision in the Brent crude oil price assumptions to USD100/barrel 2022, from USD70 earlier, and USD80 in 2023, from USD60 previously, will boost the profitability of rated Indian upstream companies and support their investment spending and shareholder […]
CNG prices in Delhi, Mumbai and Gujarat saw steep hikes after the government raised input natural gas prices to record levels. Mahanagar Gas Limited (MGL) raised compressed natural gas (CNG) price by Rs 7 per kg to Rs 67 per kg in Mumbai while Gujarat Gas hiked rates by Rs 6.5 per kg to Rs 76.98. In the […]
India’s domestic demand for natural gas is seen rising 12-14% next fiscal, despite prices remaining high for the past several months because of economic recovery and lower-than-usual inventories in key European consumption centres, ratings agency CRISIL said in a recent note. Russia’s invasion of Ukraine, which began in February 2022, drove already-elevated gas prices even […]
Administered price mechanism (APM) of natural gas in India will more than double from tomorrow, 1 April, 2022. By October, it could be more than four times the current level. ‘Market-determined’ price of gas produced from ‘difficult’ fields such as the KG-D6 block in KG basin operated by Reliance-BP combine, will also see a similar […]
U.S. lawmakers have said they are devising the “mother of all sanctions” against Russia as a method of defending Ukraine that would be “crippling to [the Russian] economy.” The 5 key commodities likely to be hardest hit are: #1. Aluminum Russia accounts for approximately 6% of global aluminum supply. While China is the world’s biggest aluminum producer, […]
Prices of key metals have surged in recent weeks, turbocharged above previous gains earned on the back of power shortages, energy costs, and Chinese environmental restrictions. Aluminum and nickel prices, in particular, have reached multi-year highs on fears sanctions will result in a breakdown in supply from Russia. Although Russia maintains a critical role in […]
China and Russia are strengthening their energy cooperation. Russian oil giant, Gazprom and China National Petroleum Corporation (CNPC) have signed a new deal under which the Russian gas giant will deliver natural gas to China via the Far Eastern route, Gazprom said. Gazprom and CNPC signed a long-term Sales and Purchase Agreement for natural gas […]
