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 …
Latest International Energy Agency News & Updates
New Delhi, March 10 (IANS) India is continuing to supply diesel to Bangladesh via pipeline from the Numaligarh refinery in Assam as part of the long-term agreement that is in place with the neighbouring country.The India-Bangladesh Friendship Pipeline was operationalised in 2017. It has been supplying diesel to Bangladesh on a commercial basis from the Numaligarh Refinery Ltd. This diesel supply is part of regular ongoing energy trade between the two countries, a senior official said.Meanwhile, …
Washington, March 9 (IANS) Wall Street is likely to start the second week of March in the red on Monday (US time). The Dow Jones futures — an early indicator of the US stock markets — traded lower after crude oil prices climbed above $110 per barrel.S&P 500 futures were down about 1 per cent, while Nasdaq 100 futures slipped around 1.1 per cent, reflecting persistent risk aversion in global markets.Dow Jones Futures were trading at 46,964.86, down 536.69 points or 1.13 per cent ahead of Wa…
New Delhi, March 9 (IANS) India currently has a total capacity for storage of crude oil and petroleum products for 74 days, which can help to tide over disruptions in case of adverse situations such as geopolitical conflicts, the Parliament was informed on Monday.”The government has established Strategic Petroleum Reserves facilities with a total capacity of 5.33 million metric tonnes (MMT), which can act as a buffer for short-term supply shocks such as geopolitical conflicts. This is meant to p…
New Delhi, March 9 (IANS) Finance ministers from the Group of Seven (G7) will discuss a possible coordinated release of emergency petroleum reserves during a call on Monday as oil prices surge following the conflict in the Gulf, a report has said.The ministers are expected to hold the emergency discussion at 8:30 am New York time (around 7 pm local time) alongside Fatih Birol, executive director of the International Energy Agency (IEA), according to people familiar with the matter, the Financial…
Washington, Feb 4 (IANS) External Affairs Minister Dr S. Jaishankar on Wednesday said that India supports structured international cooperation to reduce risks in critical mineral supply chains, as the United States urged allies to work towards a coordinated trading framework.Addressing the Critical Minerals Ministerial in Washington, EAM Jaishamkar flagged the risks created by excessive concentration in global supply chains. He stressed the need to de-risk those chains through coordinated and st…
Washington, Feb 4 (IANS) US Vice President J D Vance on Tuesday urged US allies and partners to act collectively to fix what he described as a broken global market for critical minerals, warning that brittle and highly concentrated supply chains threaten economic growth and national security.Opening the Critical Minerals Ministerial, Vance said modern economies continued to depend on “real things,” stressing that critical minerals were as essential as oil and gas for economic activity, advan…
Davos, Jan 22 (IANS) India’s energy transition has been deliberately designed as a tool for industrial growth, job creation and global competitiveness, particularly for emerging economies, said Union Minister for New and Renewable Energy, Pralhad Joshi, here on Thursday.Addressing a high-level session on “Energy: The Great Funding Gap” at the World Economic Forum Annual Meeting, the Minister underlined that under the leadership of Prime Minister Narendra Modi, India has transformed its cle…
New Delhi, Jan 6 (IANS) The Ministry of Petroleum and Natural Gas said on Tuesday that the ‘India Energy Week (IEW) 2026’ will return to Goa from January 27–30, bringing together ministers from across the world, global CEOs, policymakers, financial institutions, academia and technology providers at a critical juncture for the global energy sector.As the first major international energy gathering of the year, ‘IEW 2026’ will focus on strengthening energy security, catalysing investment and …
Luxembourg City, Jan 6 (IANS) External Affairs Minister (EAM) S Jaishankar called on Luxembourg Prime Minister Luc Frieden on Tuesday, conveying warm greetings of Prime Minister Narendra Modi and discussing growing cooperation in financial services, investments, technology and innovation between both nations. “Pleased to meet Prime Minister Luc Frieden of Luxembourg this morning. Conveyed warm greetings of PM Narendra Modi. Discussed our growing cooperation in financial services, investments, te…