Washington, March 18 (IANS) US lawmakers moved to tax major oil companies as fuel prices surged sharply following the Iran war, with Democrats accusing energy firms of profiting while American consumers face rising costs.US Senator Sheldon Whitehouse and Indian American Congressman Ro Khanna reintroduced the Big Oil Windfall Profits Tax Act, pointing to a steep rise in petrol prices in recent weeks.“The price of a gallon of gas is up 80 cents just weeks after the onset of war in Iran, and the …
Latest International Energy Agency News & Updates
New Delhi, March 12 (IANS) The ongoing conflict in West Asia has triggered the largest supply disruption in the history of the global oil market, according to a report released on Thursday.According to the report by the International Energy Agency (IEA), with limited capacity to reroute shipments and storage facilities filling up, oil-producing countries in the Gulf have cut production by at least 10 million barrels per day, it added.”Unless tanker traffic through the strategic waterway resumes …
Mumbai, March 12 (IANS) Global oil prices surged sharply on Thursday as markets remained worried about supply disruptions linked to the ongoing tensions in the Middle East. The rally in crude prices came despite the announcement of the largest coordinated release of emergency oil reserves by the International Energy Agency.Benchmark crude prices climbed more than 8 per cent during the day. West Texas Intermediate rose around 8.8 per cent to trade near $95 per barrel, while Brent crude gained abo…
Seoul, March 12 (IANS) The South Korean currency fell against the US dollar on Thursday as global oil prices climbed amid concerns about supply disruptions stemming from heightened tensions in the Middle East.The won opened at 1,480.1 per dollar, down 13.6 won from the previous session, reports Yonhap news agency.The currency had risen over the previous two sessions, rebounding from a 17-year low, after US President Donald Trump hinted that the war in the Middle East could end soon and global oi…
Seoul, March 12 (IANS) South Korean stocks continued to trade lower late on Thursday morning as investors sat on the sidelines amid lingering oil price swings sparked by the US-Iran war.The benchmark Korea Composite Stock Price Index (KOSPI) fell 43.49 points, or 0.78 percent, to 5,566.46 as of 11:20 a.m.The International Energy Agency announced a plan to release oil reserves to ease woes over supply disruptions at the Strait of Hormuz, though investors remained concerned about potential long-te…
Washington, March 12 (IANS) The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve over the next four months, part of a coordinated international effort by major economies to stabilise energy markets as conflict in the Middle East pushes global prices higher.The announcement came from the US Department of Energy after 32 member nations of the International Energy Agency agreed to release a combined 400 million barrels of oil and refined products from natio…
Washington, March 12, (IANS) President Donald Trump has said that US military action against Iran would help bring down global oil prices, telling supporters in Kentucky that a coordinated release of emergency crude reserves and continued pressure on Tehran would stabilise energy markets.Speaking at an event in Hebron, Kentucky, on Wednesday (local time), Trump defended the ongoing US military campaign against Iran and said Washington would continue operations until its objectives were achieved….
New Delhi, March 11 (IANS) India on Wednesday welcomed the International Energy Agency’s (IEA) decision to release emergency oil stocks amid the prevailing supply disruptions due to the Iran war.The government is closely monitoring the evolving situation in global energy markets, particularly in the Middle East, an official said.India stands ready to take appropriate measures, as necessary, to support global market stability in alignment with the efforts of the IEA, the official added.India is a…
New Delhi, March 11 (IANS) In a significant development amid the ongoing West Asia crisis, the International Energy Agency (IEA) on Wednesday announced the release of 400 million barrels of oil from the emergency reserves of 32 member countries to address disruptions in oil markets.The emergency stocks will be made available to the market over a timeframe that is appropriate to the national circumstances of each member country and will be supplemented by additional emergency measures by some cou…
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…