New Delhi, April 3 (IANS) Global crude oil prices rose on Friday after US President Donald Trump warned of possible military strikes on Iran within two to three weeks, stoking fresh concerns over supply disruptions from the West Asia region.Brent crude futures traded at $109.24 per barrel, up 8 per cent, while US West Texas Intermediate (WTI) futures were at $111.54 per barrel by 3:39 am (local time).Till Friday, US WTI futures jumped 11.94 per cent from the previous Friday’s close during the we…
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Canberra, March 27 (IANS) Australia’s fuel supply looks good in the short term, but it will get more difficult in the coming months, said Australian Prime Minister Anthony Albanese on Friday.Addressing a press conference in Parliament House in Canberra over the escalating fuel crisis facing the country, Albanese said the government is “working around the clock” to “have the strongest possible plan,” and get ready and over-prepared for what may come.Albanese noted his “positive” engagements with …
New Delhi, March 23 (IANS) The International Energy Agency (IEA) chief Fatih Birol has warned that the global economy is facing a major threat due to the energy turmoil due to the escalating Middle East tensions.The IEA chief said the current situation in West Asia poses serious risks to economies worldwide.The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible, Birol said while speaking at a media event in Australia. T…
Jaipur, March 20 (IANS) Amid volatility in global crude oil markets and rising geopolitical tensions in the Gulf region, Oil Marketing Companies (OMCs) have increased the prices of premium petrol (branded fuel). In Rajasthan, the hike, ranging between Rs 2 and Rs 2.3 per litre, has been announced. However, there is some relief as prices of regular petrol remain unchanged for now.Sunit Bagai, convenor of the Rajasthan Petroleum Dealers Association, told IANS that the increase in premium petrol wi…
New Delhi, March 20 (IANS) As the West Asia crisis escalates, the International Energy Agency (IEA) on Friday set out a range of demand-side actions — including work from home and avoiding air travel — for governments, businesses and households to alleviate the economic impacts on consumers.Among the immediate actions to reduce demand is work from home where possible — displacing oil use from commuting, particularly where jobs are suitable for remote work.Where possible, switch to other mo…
New Delhi, March 13 (IANS) The US waiver for buying seaborne Russian crude has immediately freed another 20-odd million barrels of oil on board ships which is expected to cool runaway prices that have crossed the $100 per barrel mark in the global market amid the Iran war.There are currently around 25 ships carrying Russian crude at sea while another five ships are carrying petroleum products. These can be diverted immediately to destinations from where the demand emanates.The temporary waiver c…