New Delhi, July 13 (IANS) India is unlikely to face any immediate energy supply concerns despite fresh geopolitical tensions escalating in West Asia, as the country is well-positioned to meet its near-term energy requirements with adequate crude inventories and diversified sourcing, according to industry experts and reports.The renewed tensions are likely to push up crude oil prices and increase procurement costs for September and October, according to experts. However, they noted that India’s i…
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New Delhi, July 8 (IANS) Global crude oil prices surged more than 6 per cent on Wednesday after US President Donald Trump said the ceasefire between Washington and Tehran was effectively over following a fresh round of American military strikes on Iran, intensifying concerns over energy supplies from West Asia.International oil benchmark Brent crude climbed as much as 6.52 per cent or $4.69 to trade near $80 a barrel. Similarly, US benchmark West Texas Intermediate (WTI) advanced more than 6 per…
New Delhi, July 6 (IANS) Gold traded flat while silver slipped in early trade on Monday as softer crude oil prices reduced expectations of further interest rate hikes by the US Federal Reserve.On the Multi Commodity Exchange (MCX), gold futures (August 5) opened at Rs 1,47,135 per 10 grams, down Rs 243 or 0.16 per cent from the previous close of Rs 1,47,378.At around 11 am, the yellow metal was trading at Rs 1,47,177 per 10 grams, down Rs 200 or 0.14 per cent. It touched an intraday low of Rs 1,…
New Delhi, July 6 (IANS) Global crude oil prices traded nearly 1 per cent lower on Monday after the alliance of oil-producing nations agreed to further increase production from August, while the recovery in crude exports through the Strait of Hormuz signalled improving global supplies.International oil benchmark Brent crude slipped 0.76 per cent or 55 cents to $71.55 per barrel, while U.S. West Texas Intermediate (WTI) crude declined nearly 1 per cent or 68 cents to trade below $69 per barrel.Th…
New Delhi, July 5 (IANS) OPEC+ is expected to consider another modest increase in oil production quotas for August as the alliance continues unwinding earlier supply cuts, with delegates indicating that seven key producers have reached a preliminary agreement ahead of a virtual meeting on Sunday.According to delegates, the proposed increase would raise the combined production target of seven major producers, led by Saudi Arabia and Russia, by 188,000 barrels per day if approved during the video …
New Delhi, June 7 (IANS) The seven OPEC+ countries announced on Sunday that they would increase their production by another 188,000 barrels per day from July 2026 as part of “their collective commitment to support oil market stability”.The OPEC+ oil cartel, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, took the decision after a virtual meeting on Sunday to “review global market conditions and outlook”, according to a press statement.Leading producers Saudi Arabia …
Sofia, May 26 (IANS) As India’s footprint in the Gulf continues to expand, particularly through the United Arab Emirates (UAE), the deepening partnership highlights growing strategic convergence in a region already under strain. The engagement with the UAE extends beyond trade, intersecting intra-Gulf Cooperation Council (GCC) tension, the evolving Gulf security architecture, and established regional partnerships, a report has highlighted.“When Indian Prime Minister Narendra Modi landed in A…
New Delhi, May 23 (IANS) Agreements signed between India and the United Arab Emirates during Prime Minister Narendra Modi’s visits deepen strategic‑economic partnership across energy storage, long‑term fuel supplies, defence cooperation and artificial intelligence, a report has said. The report from India Narrative said the agreement builds India’s energy resilience, maritime security, digital ecosystems, and emerging artificial intelligence capabilities.It includes a $5 billion investment c…
New Delhi, May 21 (IANS) Prime Minister Narendra Modi’s multi-nation tour highlights India’s accelerating efforts to diversify energy sources, deepen strategic partnerships, and position itself as a key bridge between the Middle East and Europe in an increasingly fragmented global order, according to a news article. Prime Minister Modi’s recent visits to the Netherlands and Sweden constitute part of India’s wider European outreach, which included Norway and Italy, at a time of shifting alliances…
New Delhi, May 12 (IANS) Global crude oil prices are likely to remain in the low $100s per barrel mark for an extended period due to persistent supply disruptions and logistical bottlenecks linked to tensions in West Asia, according to a report by JPMorgan Chase & Co.According to the investment bank’s revised assessment, oil prices are expected to remain in the low-$100s range for most of the year, even if the Strait of Hormuz resumes normal operations in the coming weeks.According to the re…