Prime Minister Narendra Modi assured India of sufficient crude oil storage and uninterrupted supply amidst the West Asia war’s global fuel crunch. He highlighted the nation’s strategic oil reserves and increased refining capacity, while emphasizing India’s commitment to peace through dialogue and diplomacy in the region.
India’s strategic oil reserves can cover approximately 9.5 days of supply during disruptions, with current reserves at two-thirds capacity. This announcement comes amid rising global crude oil prices due to the Middle East conflict. The nation, heavily reliant on imports, is diversifying its crude sourcing to mitigate supply risks.
How long can India survive a crude shortage? Minister responds amid Middle East crisis Read More »
Gold prices saw a fifth consecutive day of decline on Tuesday, despite rising retail rates in major Indian cities. Futures contracts on MCX and international markets fell due to geopolitical tensions in the Middle East. Investors are now keenly awaiting key US economic data for insights into the Federal Reserve’s interest rate decisions.
Gold price today: Yellow metal falls for 5th straight session; check latest rates Read More »
The vessels, Jag Vasant and Pine Gas, both classified as very large gas carriers, moved northward from the UAE coast toward Iran’s Qeshm and Larak islands early on Monday.
More relief coming soon? Two India-flagged LPG ships transit Strait of Hormuz: Report Read More »
PM Modi pointed out that cargo movement through the Strait of Hormuz has been challenging since the conflict began, but the government is taking steps to ensure that supplies of gas and fuel face minimal disruption.
Middle East tensions are significantly impacting global financial markets, pushing the Indian Rupee to record lows near 94 against the US dollar. Analysts believe crude oil prices and geopolitical developments, particularly concerning the Strait of Hormuz, will dictate the currency’s next move. The Reserve Bank of India is expected to intervene to manage volatility.
Rupee nears 94-mark vs USD: Middle East tensions drag currency to new low, what’s next? Read More »
As the Middle East conflict disrupts global energy supplies, Saudi Arabia has activated its 1,200-kilometer East-West pipeline to maintain oil exports. This crucial inland route, rerouting crude to the Red Sea port of Yanbu, is now a pivotal alternative to the closed Strait of Hormuz, ensuring continued market access despite escalating tensions and past attacks.
Hormuz blocked, Yanbu rises: Saudi’s inland pipeline keeps oil flowing Read More »
Stock market crash today: Nifty50 and BSE Sensex plunged in opening trade on Monday with oil prices continuing to remain high amid the ongoing US-Iran war. Investor sentiment continues to weaken amid escalating tensions between Iran and the US, a falling rupee, and other global concerns.
