The Reserve Bank of India's bi-annual report states an interim US-Iran peace deal could boost India's economic growth by normalizing supply chains. Despite strong macroeconomic fundamentals, the RBI warns of inflation risks from high oil prices and monsoon, and identifies AI cyber threats as a major financial risk.
Russia considers importing fuel and offering subsidies to mitigate supply disruptions caused by Ukrainian strikes on oil refineries, leading to restrictions, price hikes, and shortages across numerous regions.
India's US LPG imports are projected to exceed 1 million tonnes in June, a record high, due to Middle Eastern supply disruptions. This shift increases costs but ensures cooking fuel availability for households.
Oil prices fell Monday after US-Iran talks in Switzerland concluded with Tehran securing waivers for oil and petrochemical exports, easing concerns over potential supply disruptions. Brent crude futures were down 1.90% at $79.04 per barrel.
Italy and Japan are strengthening diplomatic ties, focusing on supply chains and technology cooperation. The leaders aim to reduce reliance on China for critical minerals and boost semiconductor manufacturing through joint ventures.
Oil prices dropped sharply Monday after President Trump declared the Iran deal complete and announced the immediate, toll-free reopening of the Strait of Hormuz, easing fears of energy supply disruptions. Brent crude fell to $83.75 and WTI to $80.87.
India has banned customers using piped natural gas from purchasing LPG cylinders with immediate effect. This decision aims to encourage piped gas usage and comes amid reduced LPG supplies to industries due to disruptions in the Strait of Hormuz.
China and India are increasingly turning to Brazil for oil supplies due to disruptions in the Strait of Hormuz caused by the US-Iran conflict. Brazil's exports to Asia have surged, with China and India significantly increasing purchases, though it's not a complete replacement for Middle Eastern crude.
Indian refiners are shifting crude oil imports from the Middle East to Latin America and Africa due to shipping disruptions in the Strait of Hormuz caused by the Israeli-U.S. war. Despite reduced Russian oil imports in April, Russia remains India's top supplier, followed by the UAE and Saudi Arabia.
Indian refiners increased oil imports from Venezuela, Brazil, Angola, and Nigeria due to Middle East supply disruptions caused by the Israel-US war. Russia remained a key supplier, though its share decreased. Overall imports were steady in April but down year-on-year.
Indian state-owned oil refiners increased gasoline and diesel prices for the third time in over a week, aiming to curb losses and soaring demand. This follows a 1% rise in compressed natural gas prices and comes amid regional supply disruptions attributed to the Middle East conflict.
Arctic port and industrial regions are more resilient to economic and logistical shocks than resource-rich niche areas, according to Svetlana Lipina. Diversified economies like Murmansk and Yakutia can better absorb disruptions than hydrocarbon-focused regions like Yamalo-Nenets.
Oil prices rose Friday as uncertainty over US-Iran peace talks and fears of Strait of Hormuz supply disruptions supported the market. Brent crude hit $104.96 and WTI $98.08, though both were set for weekly declines.
China's coal-chemical sector is experiencing unprecedented growth due to global supply disruptions caused by the war in Iran. Xinjiang is becoming a major hub for this expansion, with massive infrastructure projects underway.
Indonesia proposed an Asean oil storage hub to bolster regional fuel reserves amid supply disruptions from the Middle East. Analysts cite political distrust and Asean's history of untested mechanisms as potential obstacles.
India requests US to extend waiver on Russian oil imports as Persian Gulf conflict disrupts global energy supplies, prioritizing secure energy for its 1.4 billion citizens amid cooking gas shortages.
India's state-run oil companies are absorbing nearly Rs 30,000 crore in monthly losses to maintain stable petrol, diesel, and LPG prices amidst soaring global energy costs. This financial burden arises from crude oil price surges and supply disruptions in West Asia, with the government prioritizing consumer protection.
Japan and Australia agreed to step up collaboration in areas including critical minerals, defence and energy security, tackling China’s dominance of rare earths and fuel-supply disruptions caused by the Iran war. “Australia and Japan are taking action to protect our economies from future economic shocks and uncertainty,” Australian Prime Minister Anthony Albanese said in a statement after meeting his Japanese counterpart, Sanae Takaichi, in Canberra. “By working together, we will achieve more...
India is burning more coal to meet surging electricity demand caused by extreme heatwaves and energy supply disruptions linked to the conflict in the Middle East, challenging the nation's long-term net-zero goals.
Oil prices surged to four-year highs on Thursday as fears of US-Iran war escalation rattled markets. Brent crude briefly hit $126.41/barrel before retreating to $115.80, while US gasoline prices rose to $4.30/gallon. The Strait of Hormuz, handling 20% of global oil flows, has seen tanker movements collapse to single digits. The International Energy Agency called it the 'largest supply disruption in history,' with analysts warning extended disruption could trigger global recession.
Kremlin Spokesman Dmitry Peskov warned on May 3 that oil prices, already at $120 per barrel, could rise further if Ukrainian attacks damage Russian export infrastructure. Oil supplies to the global market have declined due to developments in the Strait of Hormuz, and any disruption to Russian supplies would push prices higher. Peskov commented on Western requests for Ukraine to avoid targeting Russian oil facilities, stating he was unaware if Zelensky rejected the request.
An India-linked supertanker, the Sarv Shakti, is attempting to transit the Strait of Hormuz to deliver 45,000 tons of LPG to India. The passage represents a significant effort to secure cooking fuel supplies amid severe disruptions in the critical energy corridor.
Exxon Mobil and Chevron reported Q1 profit declines of 46% and 37% respectively, despite oil prices reaching levels unseen since 2022. Exxon's earnings fell to $4.2B from $7.7B, while Chevron dropped to $2.2B from $3.5B. Both companies cited timing effects and Middle East supply disruptions, with Exxon saying excluding these effects it would have reported $8.8B profit. Both beat Wall Street expectations.
Global oil prices surged past $120 per barrel on Thursday, reaching $122 — the highest level since 2022 — as fears of prolonged supply disruptions intensified amid deadlock in US-Iran nuclear talks. Brent crude rose 1.9% to near $120 while WTI climbed to about $107, building on nearly 6% and 7% gains respectively from the previous session. The spike follows President Trump's direction to prepare for a prolonged blockade of Iran, with the Strait of Hormuz effectively choked since US-Israeli strikes began February 28.
