New Delhi, June 6 (IANS) India and Venezuela are exploring ways to deepen energy cooperation as both countries seek to leverage changing global oil market dynamics and strengthen long-term engagement in the hydrocarbon sector, a report has said.A report by Modern Diplomacy highlighted that Union Minister for Petroleum and Natural Gas Hardeep Singh Puri told Venezuelan Interim President Delcy Rodriguez that Indian companies are willing to expand their participation in Venezuela’s oil and gas in…
Latest Global Oil Market News & Updates
New Delhi, May 18 (IANS) Global crude oil prices extended gains on Monday as escalating tensions between the US and Iran fuelled concerns over supply disruptions after a nuclear facility in the United Arab Emirates was attacked.International oil benchmark Brent crude rose as much as 2.37 per cent or $2.60 to $111.86 per barrel.Meanwhile, US West Texas Intermediate (WTI) crude advanced 3.11 per cent, or $3.28, to $108.70 per barrel.In the domestic markets, crude oil futures (June 18) on Multi Com…
Washington, May 18 (IANS) Rising fuel prices and growing economic anxiety linked to the Iran conflict are beginning to create political problems for President Donald Trump and Republicans ahead of the US midterm elections, according to media.Senior administration officials and Republican allies defended Trump’s handling of the Iran crisis, while Democrats accused the White House of triggering economic pain through a prolonged conflict in the Gulf region.US Trade Representative Jamieson Greer ack…
Washington, May 2 (IANS) US President Donald Trump signalled potential disruption to global oil flows, warning that maritime congestion and military actions near key shipping routes could affect energy supplies.Speaking at a Forum Club event in Palm Beach, Trump described heavy vessel traffic around a critical Gulf corridor. “You see all of those ships… they’re all over the place… hundreds and hundreds of ships,” he said.He said US naval operations had tightened control over the route….
New Delhi, April 29 (IANS) Global crude oil prices extended their upward momentum on Wednesday amid reports that the United States is likely to continue its blockade of Iranian ports, raising concerns over prolonged supply disruptions in the Middle East.International oil benchmark Brent crude rose 0.63 per cent to $111.97 per barrel, while US West Texas Intermediate (WTI) crude gained 0.81 per cent to $100.74.The rise was supported by reports that claim US President Donald Trump has asked aides …
New Delhi, April 27 (IANS) Analysts at Goldman Sachs have raised their forecast for Brent crude — the international oil benchmark — to $90 per barrel for the fourth quarter, while US West Texas Intermediate (WTI) crude pegged at $83 per barrel, as the prolonged closure of the Strait of Hormuz continues to tighten global supply, according to multiple reports.The brokerage said the disruption has triggered ‘extreme’ inventory drawdowns, with an estimated 14.5 million barrels per day of crude pro…
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…
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…