New Delhi, March 6 (IANS) Qatar’s Energy Minister Saad al-Kaabi has warned that war in the Middle East continuing for a “few days” could cause Gulf exporters declaring force majeure, halting deliveries, pushing oil to $150 a barrel and natural gas to $40 per MMBtu (Metric Million British Thermal Unit) within weeks.”Everybody that has not called for force majeure we expect will do so in the next few days if this continues. All exporters in the Gulf region will have to call force majeure,” the m…
Latest LNG News & Updates
New Delhi, March 6 (IANS) Nearly 69 per cent of domestic liquefied natural gas (LNG) imports in 2025 or 17.5 million tonnes (63 mmscmd), came from West Asian countries such as Qatar, the UAE and Oman — passing through or near the Strait of Hormuz, a report said on Friday.Even after adjusting for GAIL’s US LNG swap volumes, effective exposure moderates to 66 per cent, which means concentration risk remains significant, Elara Capital analysts said in the report.The report noted that any disrupt…
New Delhi, March 6 (IANS) India is currently placed in a comfortable position with sufficient stocks of crude oil, petroleum products such as petrol, diesel, and LPG, and the country’s oil companies are sourcing imports from countries outside the Gulf region to make up for the disruption in supplies due to the Iran war.”Today, we have more energy sources than what is stuck in the Straits of Hormuz. We are in a comfortable position in crude oil, oil products and LPG. In terms of our current sto…
New Delhi, March 5 (IANS) Rising geopolitical tensions linked to the Iran conflict could significantly increase India’s oil import bill and bring the rupee under pressure, former NITI Aayog CEO Amitabh Kant said on Thursday.In a post on X, Amitabh Kant, who currently serves as a senior adviser to global financial institutions including Fairfax Financial Holdings and Sumitomo Mitsui Banking Corporation, said that every $10 per barrel rise in global crude oil prices could add $13-14 billion to Ind…
New Delhi, March 5 (IANS) GAIL (India) Limited on Thursday said the allocation of liquefied natural gas (LNG) from Petronet LNG Limited under a long-term contract has been reduced to zero after the supplier issued a force majeure notice due to disruptions linked to maritime navigation restrictions in the Strait of Hormuz and possible shutdown of facilities in Ras Laffan.In a regulatory filing, the company said Petronet LNG issued the force majeure notice on March 3 under the Gas Sale and Purchas…
New Delhi, March 5 (IANS) Leader of Opposition in the Lok Sabha, Rahul Gandhi, on Thursday voiced concern over the escalating tensions in West Asia and their potential impact on India, saying the country’s energy security is at risk and calling for decisive leadership in the face of global uncertainty.In a post on X, LoP Gandhi said the world has entered a “volatile phase” and cautioned that “stormy seas lie ahead”.Highlighting India’s dependence on energy imports, he noted that more…
New Delhi, March 3 (IANS) With traffic through the Strait of Hormuz nearly halted, China’s “fragile, export‑dependent economy” and reliance on discounted Iranian oil could trigger “real problems” within two months if the crisis continues, a report has said.”Much of that oil… actually goes to China trying to get somewhere between… 15 per cent and 23 per cent of its seaborne oil comes from Iran, and that oil transits the Strait of Hormuz,” said Gatestone Institute senior fellow Gordon …
New Delhi, March 3 (IANS) With Iran officially closing the Strait of Hormuz with a stern warning to oil ships, crude oil pices are expected to soar further in coming days.Iranian officials told the state media that the Strait of Hormuz is closed and if anyone tries to pass, “the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze”.The strait handles about 20 pr cent of the world’s daily oil consumption. At its narrowest point, it is about 33 kilometres (21 m…
New Delhi, March 2 (IANS) Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney, on Monday, set a year-end target to complete the negotiations for the Comprehensive Economic Partnership Agreement (CEPA) between the two countries and agreed to deepen bilateral collaboration in the energy and critical mineral sectors. “The two leaders welcomed the conclusion of a CAD $2.6 billion commercial agreement between Cameco and the Department of Atomic Energy for the long-term supply of uran…
New Delhi, March 2 (IANS) India’s GDP growth for FY27 is likely to touch 7.2 per cent and FY26 growth could be revised up to 7.8 per cent from 7.6 per cent in the subsequent GDP estimates from the government, a report said on Monday.The report from HDFC Bank said the new GDP series with base year 2022‑23 confirms India’s healthy growth performance in this fiscal, adding the growth estimates will rise going forward given strong high‑frequency indicators in Q4.The nominal growth for FY27 is …