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.
Global oil prices surged over 1% as US President Trump declared the ceasefire with Iran "over" and fresh US military strikes heightened fears of supply disruptions. Brent crude rose to $79.04 and WTI to $74.46.
Saudi Arabia has slashed the August price of its flagship Arab Light crude for Asian customers by $11 per barrel, the largest reduction in over 20 years. This move reflects weakening demand, improved supply conditions post-Middle East tensions, and increased competition.
The UAE has announced a sharp reduction in petrol and diesel prices for July 2026, effective July 1. This marks the end of a four-month price increase streak, offering relief to motorists and businesses.
The Strait of Hormuz, which disrupted global oil shipments for over three months, is expected to reopen this week following a ceasefire agreement between Iran and the US. While oil prices may see some immediate relief, experts predict a full recovery in shipping and production could take months, impacting petrol and food prices in Australia.
Russian Deputy PM Alexander Novak stated the global oil market is in an "extremely uncertain" state, with demand dynamics unpredictable even for the next 5-10 years. He met with Saudi Arabian Energy Minister Abdulaziz bin Salman at SPIEF, agreeing that current demand expectations are unknown.
Carlyle's Jeff Currie warns global oil markets are near minimum operating levels due to the Iran war, with Asia already affected, Europe facing strains soon, and potential U.S. shortages by July. He dismisses tax cuts as insufficient, stressing the need to increase physical supply and reopen the Strait of Hormuz.
The US and Iran are reportedly close to a 60-day ceasefire agreement that would reopen the Strait of Hormuz, allow Iran to resume oil exports, and include talks on curbing its nuclear program, according to Axios.
France urges Israel to halt construction on UNRWA site. US criticizes allies' lack of support. Global oil market faces critical period this summer due to Middle East conflict. Iran controls Strait of Hormuz traffic.
IEA chief Fatih Birol warned the global oil market could enter a "red zone" in July-August due to summer demand, lack of new Middle East supply, and falling inventories, potentially exacerbated by the Iran conflict.
Iran has presented a list of demands for a ceasefire with the US. These include lifting sanctions, compensation for damages, and the withdrawal of American troops. President Trump has rejected these terms as unacceptable. The standoff has impacted global oil markets and heightened regional tensions. Diplomatic efforts continue amidst ongoing clashes.
India has successfully navigated the Middle East crisis, ensuring stable fuel supplies and uninterrupted maritime operations. Despite global price surges, consumers are shielded through excise duty cuts and increased domestic production. State-run oil companies are absorbing significant daily losses to maintain current prices, while Indian seafarers in the Gulf remain safe and maritime operations at Indian ports are normal.
The global oil market has supported the U.S. dollar for over 50 years. But the system shows signs of cracking under the Iran war.
The UAE's shock exit from OPEC after 60 years threatens to unravel the oil cartel that has helped stabilize global markets for decades. With oil prices at four-year highs above $126/barrel, experts warn of a potential price war between Gulf rivals once the Iran conflict ends and flows resume through the Strait of Hormuz. Saudi Arabia has vowed to aggressively market its oil to Asian buyers with discounts to capture market share.
The Press Information Bureau's Fact Check unit has debunked viral claims of a significant hike in petrol and diesel prices, stating no such order has been issued. A senior government official confirmed there's no current proposal to increase retail fuel prices, reassuring consumers amidst global oil market volatility. Fuel prices in major cities remain unchanged.
Russian Deputy Prime Minister Alexander Novak warned that the global oil market is experiencing a deep crisis with large volumes of oil not reaching the market. Speaking in Mineralnye Vody, Novak said demand significantly exceeds supply due to serious logistical difficulties and the Middle East situation, noting this forces consumers to seek alternative sources due to high prices.
UAE motorists will face higher fuel costs in May 2026 as petrol prices see another significant increase. This marks the third consecutive monthly hike, driven by global oil market instability and geopolitical tensions. The latest revisions mean higher expenses for daily commutes and businesses reliant on transportation.
Russian Deputy Prime Minister Alexander Novak says the global oil market is experiencing a deep crisis with large volumes of oil not reaching the market. He noted that demand significantly exceeds supply due to serious logistical difficulties and the situation in the Middle East, negatively impacting consumers who are forced to seek alternative sources due to high prices.
"The influx of UAE crude is anticipated to drive the oil price down and challenge Saudi Arabia’s dominance in the global oil market," Hung Wing Lok said
The UAE's planned departure from OPEC is being described as 'the beginning of the end' for the organisation, occurring amid unprecedented oil market volatility triggered by the US-Israel war with Iran. The UAE, the world's third biggest oil exporter and fourth largest producer at 3.1 million barrels daily, could increase production by around one million barrels per day after leaving. OPEC's share of global crude oil has fallen from 52.5% in 1973 to just 36.7% in 2025, with the Strait of Hormuz effectively closed for eight weeks further complicating exports.
The UAE's potential for increased oil production flexibility is expected to benefit major importers like China, potentially lowering prices and deepening energy trade relations between the two nations.
BP has reported first-quarter profits of $3.2bn, more than double the $1.38bn from the same period last year, after capitalising on surging oil prices caused by the Iran conflict. The energy giant's new chief executive Meg O'Neill credited "exceptional oil trading" for the result, the highest quarterly profit since 2023. The conflict has throttled Gulf oil exports through the Strait of Hormuz, with Brent crude reaching $119/barrel in March. Campaign groups condemned the "horrifying" profits as coming at the expense of millions of consumers, while BP's Rumaila oilfield in Iraq was damaged by drone attacks.
California's jet fuel supply has fallen to 2.6 million barrels as of April 17, 2026—the lowest level since 2023—while the state relies on foreign oil for 61.1% of its supply, primarily from Asian refiners. The Middle East conflict involving the US, Israel, and Iran has disrupted global oil flows through the Strait of Hormuz, driving jet fuel prices from $2.30/gallon in early 2026 to $4.19/gallon by April 24, with Los Angeles airports seeing prices near $15/gallon. Major airlines including Delta, Southwest, and JetBlue have increased baggage fees to offset rising fuel costs.
