New Delhi, April 14 (IANS) With the US military starting its blockade of Iran’s ports, around two million barrels of Iranian oil per day is expected to be shut out from the world’s markets, tightening global supply and leading to a further rise in prices of petroleum products, according to reports.A complete blockade of the Strait of Hormuz may also impact LPG supplies for India, as over the past month the country managed to have at least eight LPG tankers safely crossed through the strait,” w…
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New Delhi, April 13 (IANS) Bangladesh is facing a major economic shock due to the disruption in oil and gas supplies through the Strait of Hormuz in the wake of the Iran war, as the country is heavily dependent on imports for its energy needs, according to an article in the local media. Years of relying on imported energy, along with slow progress toward renewable alternatives, have tied the economy to volatile global currents. When those currents turn turbulent, the exposure is immediate and un…
New York, March 31 (IANS) As the Israel-United States campaign against Iran veered off course from its claimed aims and began hitting global economies, President Donald Trump told his allies on Tuesday, “The hard part is done. Go get your own oil,” hinting he may be ready to wind down the war without a definitive opening of the Hormuz Strait. Trump’s hint came after a Wall Street Journal report on Monday that he told aides he would be willing to drop demands on opening the Strait, leavi…
Mumbai, March 23 (IANS) The second advance estimates of GDP for 2025–26 indicate sustained resilience of the Indian economy even as the conflict in the Middle East and fresh trade investigations by the US have resulted in increased volatility in the global markets, according to the RBI’s monthly bulletin released on Monday.High frequency indicators signal towards India’s economic activity gaining momentum in February. CPI headline inflation picked up in February on account of food and beve…
Tehran, March 19 (IANS) Iran warned on Thursday that it would carry out more severe retaliatory strikes if the US and Israel attack its energy facilities again. Ebrahim Zolfaghari, spokesman for Iran’s Khatam al-Anbiya Central Headquarters, said in a statement published by the Islamic Revolutionary Guard Corps’ Sepah News that Tehran had not sought to expand the conflict to oil infrastructure or harm the economies of friendly neighbouring states.”Following the enemies’ aggression against Iranian…
New Delhi, March 11 (IANS) Gold and silver prices eased on Wednesday as investors booked profits, though a softer US dollar and lingering geopolitical uncertainty capped the decline.MCX gold April futures lost 0.52 per cent to Rs 1,62,452 per 10 grams around 11.15 am on an intraday basis. Meanwhile, MCX silver May futures declined 1.69 per cent to Rs 2,73,150 per kg.The profit booking followed the MCX gold April futures contract rising almost 2 per cent and the silver May futures surging 4 per c…
New Delhi, March 11 (IANS) Crude oil prices further declined on Wednesday after reports surfaced that the International Energy Agency (IEA) proposed the largest release of emergency reserves in its history to cool the price surge fuelled by the US‑Iran war.The proposed release would surpass the 182 million barrels deployed in two tranches in 2022 following Russia’s invasion of Ukraine, according to multiple reports. The Group of Seven (G7) nations have asked the IEA to prepare scenarios for …
Patna, March 10 (IANS) A rumour about a possible domestic gas shortage created panic, on Tuesday, in the Sugauli block of East Champaran district in Bihar, after claims spread that LPG supplies might be disrupted due to the ongoing tensions between Iran and Israel. As the rumour spread rapidly, hundreds of residents rushed to the local gas agency warehouse, carrying empty cylinders and standing in long queues for hours.The sudden rush created chaos outside the warehouse as people tried to secure…
Seoul, March 9 (IANS) South Korean companies are seeking responsive measures to cope with soaring international oil prices as turmoil in the Middle East continues, industry sources said on Monday, while the government called for efforts to stabilise domestic fuel prices.Major companies here, including Samsung Electronics Co., SK Group, Hyundai Motor and Hanwha Group, have held emergency meetings over the past few days to monitor the volatility in the global energy market and come up with ways to…
New Delhi, Jan 13 (IANS) There will not be any material impact on credit profiles of Indian corporates engaged in business with Venezuelan customers, given their modest exposure, a report said on Tuesday.Crisil Ratings does not expect the recent developments in Venezuela to have any material impact on India’s global trade or the credit quality of Indian corporates.“Even in the event of any escalation that disrupts crude oil production in Venezuela, the country’s relatively small share (1.5…