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Indian refiners are currently paying a premium of $2 to $4 per barrel above Dated Brent for deliveries of Russia’s benchmark Urals crude. (AI image) In a quick and immediate fix to the Middle East oil supply shock, Indian refiners have begun purchasing readily available Russian crude oil. With ships and tankers currently not moving…
Photo credit: X/ @HardeepSPuri NEW DELHI: Union minister for petroleum and natural gas, Hardeep Singh Puri, on Friday sought to allay public concerns about energy availability, stating that there is “no shortage of energy in India” and no reason for consumers to worry amid ongoing geopolitical tensions in West Asia. In a post on X,…
NEW DELHI: India may face serious disruptions in supply of fertilisers and raw materials in the next kharif season — starting in June — if the blockade of the Strait of Hormuz continues due to the conflict in West Asia, industry insiders said. They added that there is no immediate crisis because it is a…
As tensions continue to heat up in the Middle East, concerns are raising about disruptions to one of the world’s most critical energy shipping routes, the Strait of Hormuz. Any disruption could significantly affect major oil-importing countries such as India, as the narrow Strait of Hormuz is central to global energy trade. The strait sees…
Venezuela’s acting President Delcy Rodriguez, right, and US Interior Secretary Doug Burgum after a meeting at Miraflores presidential palace in Caracas, Venezuela (AP) Venezuela’s state-owned mining company has signed a multimillion-dollar agreement to sell up to 1,000 kilograms of gold destined for US markets.The agreement requires state-owned company Minerven to supply between 650 and 1,000…
India has sought to buy Russian crude to avoid supply shortages as Middle East tensions show no sign of abating. (AI image) India is back to stepping up purchases of Russian crude as the ongoing US-Israel-Iran war blocks Strait of Hormuz and crucial oil supplies from the Middle East, according to reports. India imports nearly…
India’s top gas importer Petronet LNG has issued a force majeure notice to its supplier QatarEnergy and local buyers as its vessels are unable to reach Ras Laffan load port due to the crisis in West Asia, it said in an exchange filing on Wednesday.The US-Iran conflict has disrupted fuel shipments in the region. Transit…
Oil prices spiked sharply on Tuesday as the Iran war disrupted supplies, with the Strait of Hormuz effectively closed and key energy infrastructure hit, AFP reported.The Brent North Sea crude contract, the international benchmark, jumped more than eight per cent to $85.12 a barrel, its highest level since July 2024.The main US oil contract, West…
Japan is in discussions with India to jointly explore rare earth deposits in Rajasthan as Tokyo looks to reduce its dependence on China for critical minerals used in magnet manufacturing, Reuters reported, citing two people familiar with the matter.Last month, Union minister G. Kishan Reddy said three hard rock rare earth deposits containing 1.29 million…
Both India and China are big consumers of oil from the Middle East. (AI image) Is India the most vulnerable to prolonged oil supply shocks in wake of the ongoing Middle East tensions post Israel-US strikes on Iran and the latter’s retaliation? India, a fast-growing oil consumer, is the country most vulnerable to crude supply…
