• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 2 hours Sources confirm Trump to sign two new Executive orders.
  • 10 hours CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 hours In a Nutshell...
  • 1 hour No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 23 hours Why Wind is pitiful for most regions on earth
  • 10 hours A Real Reality Check on "Green Hydrogen"
  • 1 day Why Oil could hit $100
  • 10 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 1 day During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 10 hours Putin Paid Militants to Kill US Troops
  • 51 mins Where is Alberta, Canada headed?
  • 3 days Coronavirus hype biggest political hoax in history
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

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.

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News