New Delhi, April 28 (IANS) The United Arab Emirates announced on Tuesday that it was leaving the OPEC and OPEC+ cartels in what is seen as a major setback to the group of oil-exporting countries led by Saudi Arabia.The UAE said the decision reflected its “long-term strategic and economic vision and evolving energy profile”.The Gulf state’s Energy Minister Suhail Al Mazrouei said that being a country with no obligation under the groups would provide more flexibility.In a public statement shared o…
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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 1 (IANS) Denis Alipov, Russia’s Ambassador to India, has said that Russia firmly rejects what he described as US “pressure” in international politics, particularly concerning India’s oil market, while emphasising that New Delhi continues to pursue an independent foreign policy. In an interview with IANS, Alipov stated that attempts by the United States to create hurdles for Russia in the Indian market are not an appropriate way to conduct global business or manage intern…
Washington, March 13 (IANS) The United States has temporarily allowed countries to purchase Russian oil stranded at sea, a move that comes days after Washington granted a similar waiver to India as it seeks to stabilise global energy markets amid rising geopolitical tensions.Treasury Secretary Scott Bessent said the measure is designed to increase the reach of existing oil supplies while limiting financial gains for Russia, since the crude involved is already in transit.“@POTUS is taking decis…
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…
Washington, March 10 (IANS) Oil prices hovered near $90 a barrel on Tuesday as the war involving Iran sent shockwaves through global energy markets, raising fears of prolonged supply disruptions through the critical Strait of Hormuz and pushing US lawmakers to propose emergency measures to curb rising fuel costs. Brent crude, the global benchmark, traded around $91.94 a barrel, while US crude slipped to about $88.87 after volatile trading earlier in the week, according to CNBC and CNN.Energy mar…
Washington, March 6 (IANS) The United States has “reached out to India” to purchase Russian oil currently sitting in floating storage in southern Asia as part of a short-term effort to ease pressure on global oil markets, US Energy Secretary Chris Wright said in an interview with ABC News.The temporary measure, he said, is designed to quickly move stored crude into refineries and prevent oil prices from rising as supply routes face pressure linked to shipping constraints around the Strait of…