Jakarta, April 18 (IANS) Indonesia is exploring potential energy cooperation with Russia, including plans to develop oil refineries and storage facilities, the country’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, has said.The initiative forms part of the government’s broader efforts to strengthen national energy security and expand downstream capacity in the oil and gas sector.The proposed cooperation is expected to support Indonesia’s drive to boost domestic refining capacity a…
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Ottawa, April 18 (IANS) Air Canada has announced it will suspend service on several routes to the United States due to soaring jet fuel costs. According to a statement from Canada’s largest carrier on Friday (local time), jet fuel prices have doubled since the start of the Iran conflict, rendering some routes and flights no longer economically feasible.The suspensions affect a mix of transborder and domestic services. Service from Montreal and Toronto to New York’s John F. Kennedy International …
Washington, April 18 (IANS) The United States Department of the Treasury has extended a waiver permitting the delivery and sale of sanctioned Russian oil already loaded onto vessels, pushing the deadline to May 16, according to a document released on its official website. The earlier 30-day waiver had expired on April 11.The renewed license, issued on Friday (local time), is part of the administration’s broader effort to stabilise global energy prices, which have surged amid the ongoing US-Israe…
New Delhi, April 16 (IANS) International Energy Agency chief Fatih Birol on Thursday warned that air travel in Europe would be hit due to a shortage of jet fuel if the Strait of Hormuz remains closed, as stocks were already running low. Europe may have “only maybe 6 weeks or so of jet fuel left”, and there could soon be flight cancellations if supplies remained blocked, Birol told the Associated Press.Stocks would reach a tipping point in June if Europe was unable to replace at least half of its…
New Delhi, April 14 (IANS) The International Energy Agency (IEA) warned on Tuesday that demand for crude oil will likely see the biggest slump in the second quarter (Q2 2026) since the Covid pandemic slashed fuel consumption.Oil demand is expected to contract by 80,000 barrels per day (kb/d) this year, “as the Iran war upends our global outlook”.”This is 730 kb/d less than in last month’s Report and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption….
New Delhi, April 8 (IANS) The International Energy Agency (IEA) on Wednesday praised India and Prime Minister Narendra Modi on the successful achievement of the first criticality of the 500 MWe Prototype Fast Breeder Reactor (PFBR), calling it an important technological milestone.In a post on X, the global energy body lauded Indian scientists and engineers for the achievement, which comes after years of development.The IEA said the reactor will use significantly less nuclear fuel compared to con…
New Delhi, April 5 (IANS) As the West Asia situation is still evolving, the Reserve Bank of India (RBI) is likely to maintain status quo in the upcoming monetary policy committee (MPC) meeting next week (April 6-8), a report by SBI Research said on Sunday.As the first policy since the staring of US-Israel and Iran war, the RBI would be much careful in communicating its position.The Central Bank needs to “concomitantly explore the probability of conducting Operation Twist” that pushes up the …
Kuala Lumpur, March 24 (IANS) Malaysia is studying alternative transit routes and strengthening its focus on the Asian market to sustain tourist arrivals amid disruptions linked to tensions in West Asia, the country’s state-owned agency reported. The country’s state-owned agency Bernama on Monday cited Deputy Secretary General (tourism) of the Ministry of Tourism, Arts and Culture, Chua Choon Hwa, that the conflict has affected key Middle East transit hubs traditionally used by long-haul travell…
Washington, March 24 (IANS) Global markets rallied after President Donald Trump signalled a pause in strikes on Iran, but analysts warned that the underlying energy crisis remains unresolved.Stocks surged, and oil prices fell sharply after Trump said the United States was holding talks with Iran. The S&P 500 and Dow Jones Industrial Average both rose more than 1 percent, while Brent crude dropped below $100 a barrel, The Washington Post reported.The Wall Street Journal reported that markets …
New Delhi, March 23 (IANS) Countries worldwide are taking drastic measures to conserve fuel and ensure continued energy access for their people in the wake of the disruption in oil and gas supplies triggered by the escalation in the Middle East conflict.The effect of the current disruptions in West Asia is equivalent to the two major oil crises in the 1970s and the 2022 natural gas crisis after Russia invaded Ukraine, all put together, according to a top official of the International Energy Agen…