Exxon Mobil and Chevron reported massive second-quarter profit surges driven by record fuel prices and supply constraints stemming from a six-month conflict halting shipping through the Strait of Hormuz.
Commercial LPG cylinder prices have been reduced by Rs 202 in Delhi (to Rs 2,728) and Rs 209 in Kolkata (to Rs 2,872.50) for 19-kg cylinders, effective August 1, providing relief to LPG-dependent businesses like restaurants and hotels.
India plans to expand its strategic petroleum reserves with a second phase, adding 6.5 million tonnes of crude oil storage at new facilities in Odisha and Karnataka. The Rs 14,527 crore project will use a public-private partnership model to enhance national energy security and reduce supply risks.
Russian Deputy Prime Minister Alexander Novak stated that government measures are stabilizing the fuel market, leading to lifted retail restrictions, more operational filling stations, and shrinking queues. Despite improvements, the situation remains tense in some regions, with focus on supplying agricultural producers and northern Russia.
Renewed US attacks on Iran have closed the Strait of Hormuz, threatening global oil supplies and driving prices above $100, risking inflation and recession. China, the world's largest oil buyer, is unlikely to use its strategic reserves to cushion prices, a move that could prolong the conflict.
The Government Accountability Office (GAO) has warned that the US Strategic Petroleum Reserve (SPR) is increasingly at risk of failing to respond to future energy crises due to its aging infrastructure and record-low crude oil inventories, with withdrawal and refill capabilities significantly diminished.
Public transport fares have significantly increased across Pakistan following a substantial hike in petroleum prices. Transport operators cite rising fuel costs, leading to higher minimum fares, increased freight charges, and additional luggage fees, exacerbating inflationary pressures.
Russian Deputy Prime Minister Alexander Novak stated that demand for natural gas fuel and vehicles running on it has increased, making the conversion of transport to gas particularly relevant. He highlighted its environmental friendliness and lower cost compared to petroleum products.
ONGC's board has approved the development of a 1.75 million tonne strategic petroleum reserve at Mangaluru, enhancing India's emergency crude oil storage capacity amidst global turmoil and reliance on imports.
India's petroleum product exports may rise 25% by FY25, reaching $44.4 billion, driven by Indian Oil Corporation's (IOCL) expansion. New capacity by December 2026 will boost exports, despite India importing 90% of its crude oil.
India's Petroleum Ministry clarified that E20 petrol is costlier to produce than pure petrol currently but has protected consumers from volatile oil prices and enhanced energy security. The ministry refuted claims of engine damage or significant mileage reduction from E20 fuel.
India offers some of the world's cheapest petrol, with ethanol blending a key factor in keeping consumer prices low. This strategy reduces dependence on volatile global crude oil prices, as farmers' ethanol has fixed annual prices. The Middle East conflict has driven up international oil prices, impacting other nations.
ONGC has approved a 1.75 MMT expansion of the strategic petroleum reserve at Mangaluru, Karnataka. This move significantly enhances India's energy security, adding to existing reserves and increasing total oil storage capacity to approximately seventy-four days, following global supply chain disruptions.
Petroleum Minister Hardeep Singh Puri stated that E25 (petrol with 25% ethanol) is currently only being tested and no decision has been made regarding its rollout. He emphasized that scientific studies and stakeholder consultations will precede any decision, dismissing ongoing speculation.
The US Strategic Petroleum Reserve (SPR) has reached its lowest point since 1983, with 319.5 million barrels, due to ongoing releases and renewed US-Iran tensions impacting global oil supply concerns and prices. Despite US oil production increases, global commodity trading means geopolitical events like those in the Strait of Hormuz can still affect US prices.
HD Korea Shipbuilding & Offshore Engineering (KSOE) has won a 469.9 billion-won ($311.2 million) contract from a Middle Eastern client to construct six petroleum carriers. The ships are slated for delivery by the first half of 2029.
Russia will start importing petroleum products in July to stabilize its fuel market, Deputy Prime Minister Alexander Novak announced. The government is also increasing production volumes of lower environmental class products. This move aims to ensure market stability, with the Kremlin open to imports at affordable prices.
US Treasury revoked General License X, impacting Iranian oil transactions. While crude oil prices rose due to tanker attacks near the Strait of Hormuz, Bitcoin remained stable, raising questions about market confidence and future inflation impacts.
Russia's Deputy Prime Minister Alexander Novak has ordered government agencies, regional authorities, and industry companies to take immediate measures to prevent local fuel supply disruptions. The directive follows a meeting on the fuel market situation, where ministries reported on supply levels, inventories, and pricing.
China's crude oil demand is expected to peak in 2023, driven by renewable energy development and EV adoption, according to CNPC executives. This shift, coupled with refining overcapacity, will reshape the global energy market.
India's state-owned oil refiners Indian Oil Corp and Hindustan Petroleum Corp purchased approximately 7 million barrels of crude oil last week. This comes as the country's crude inventories have recovered significantly after disruptions.
India's Ministry of Petroleum and Natural Gas has refuted claims that Bhutan refused to import E20 petrol, stating no such offer was made. The ministry clarified that ethanol blending is a scientifically accepted formulation, not adulteration, and extensive testing ensures vehicle performance and reliability.
India's Ministry of Petroleum and Natural Gas denied reports that Bhutan refused to import E20 petrol, stating no such offer was made. The ministry clarified that ethanol blending is scientifically formulated and internationally accepted, not fuel adulteration, and extensive testing confirms its reliability.
India is accelerating domestic oil and gas exploration following disruptions in the Strait of Hormuz. The country plans to bid out 250,000 sq km of unexplored areas to bolster its modest global production.
