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.
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.
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.
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.
Russian Deputy Prime Minister Alexander Novak has ordered the development of a mechanism to ensure prompt fuel supplies to agricultural producers and farmers, especially during the harvesting campaign. The move aims to stabilize the fuel market and improve supply efficiency amidst a surge in demand, partly attributed to panic buying.
Russian President Vladimir Putin has extended the ban on oil and petroleum product supplies under the G7 and EU price cap until December 31, 2027. The decree, effective since February 2023, prohibits sales to foreign entities if contracts include the price cap mechanism.
The US Treasury's General License X allows transactions for Iranian oil until August 21, but excludes Donbass, Crimea, Novorossiya, North Korea, and Cuba from the sanctions relief, permitting USD payments for Iranian oil.
Russia's crude oil and petroleum product exports reached 7.35 million barrels per day in May 2026, a 0.14% increase from April, despite a 3.26% revenue drop to $20.79 billion due to lower energy prices.
A prolonged Middle East conflict could force a global shift to alternative energy sources, according to Russian Deputy Prime Minister Alexander Novak at the St. Petersburg International Economic Forum (SPIEF). He stated that such shifts would negatively impact the energy sector and the broader economy, potentially leading to new logistics and transport solutions.
Russia and Iran are currently demonstrating an example of responsible partnership, Anton Kobyakov said
Defence Minister Rajnath Singh assured citizens that India is prepared for global supply chain disruptions, with ample petroleum products and robust foreign exchange reserves. He urged fuel conservation to ease the nation's financial burden amid high international crude prices. The government is implementing measures for fuel efficiency and responsible consumption.
The United States on Friday sanctioned multiple entities and individuals it said were involved in trading Iranian petroleum and petroleum products, including a China-based oil terminal operator and a Chinese national. The State Department said the operator, Qingdao Haiye Oil Terminal Co., Ltd, “imported tens of millions of barrels of sanctioned Iranian crude oil”. Also on the sanctions list is Li Xinchun, a Chinese national who is president of the China-based oil terminal, as well as a Hong...
According to the official, the Middle East conflict is negatively affecting the economy and must be resolved in order to stabilize the situation
The deficit is primarily experienced in industries with a strong dependence on energy-intensive and petroleum products, Ifo Institute for Economic Research said
UAE Energy Minister Suhail Al Mazrouei stated that the world will require more energy resources in the foreseeable future and the UAE is prepared to meet these needs. The minister noted that withdrawal from OPEC and OPEC+ will enable the UAE to fulfill global energy demand while maintaining cooperation with partners and investors, emphasizing exports of crude oil, petroleum products and gas.
