• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
Oil Moves Higher on Fuel Inventory Draws

Oil Moves Higher on Fuel Inventory Draws

WTI crude rallied above $86…

M&A Fever Hits Canada's Oil and Gas Industry

M&A Fever Hits Canada's Oil and Gas Industry

The mergers and acquisitions wave…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

This Nation Just Created A New Corporate Superpower In Oil & Gas

This Nation Just Created A New Corporate Superpower In Oil & Gas

Some very important developments in this oil and gas sector this week. From a place that’s becoming a big mover in global petroleum markets: India.

India’s government officials announced a raft of energy reforms late last week. Including a key reduction of import taxes on liquefied natural gas (LNG) – to 2.5% from a former 5%.

That move is aimed at increasing LNG use across India – meaning this nation could become a critical driver for global demand and pricing.

And it’s not just natural gas where India is making big changes. With government officials also unveiling some key shifts in crude oil markets.

For one, the government announced the creation of two new strategic petroleum reserves. Which will see a total of 73 million barrels of oil stored in the states of Odisha and Rajasthan.

That’s nearly double the stored oil inventory that India has created to date. With the government having recently bought 38.8 million barrels to fill three storage facilities around the country.

Much of that crude came from suppliers like Iran – making India one of the biggest crude buyers from this emerging exporter. And the creation of the new, bigger strategic reserves are going to mean even more demand. Potentially signaling a surge in imports here. Related: Crack Spreads Tell Where The Value Lies In Downstream Stocks

At the same time, India’s government said it is moving to reform state-owned oil companies. By merging refiners and upstream producing firms, to create fully-integrated energy conglomerates.

Officials didn’t give exact details on which firms will be involved in the shuffle. But the movement appears to be unfolding quickly – with the government saying it wants to unveil the new entities by March 2018.

That should mean some big players appearing on the global petroleum stage very soon. Watch for details on which companies will be combined – these new firms could quickly become important players in global petroleum buying, and project M&A.

Here’s to the national interest.

ADVERTISEMENT

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News