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The timing is significant: the cargoes were likely secured before the worst of the Hormuz disruptions took hold, suggesting the shift towards Venezuelan crude reflects a longer-term strategic repositioning rather than a purely reactive scramble for available barrels. India imports around 90% of its crude oil requirements, and the Strait of Hormuz typically carries close to 40% of its total supply. The near-closure of that route following the outbreak of the West Asia conflict has forced refiner ...Read More >
The government is taking several measures to reduce India's dependence on imported Liquefied Petroleum Gas (LPG) and enhance energy security in the medium to long term, including prioritising piped natural gas (PNG) and renewable energy development such as solar, wind, bioenergy and green hydrogen, minister of state for environment Suresh Gopi informed the Lok Sabha on Thursday. He said that India imports about 60% of its LPG needs, with nearly 90% of supplies transiting through the Strait of H ...Read More >
NEW DELHI: India's oil basket recorded $113.49 a barrel in March, the highest in four years, due to disrupted global supplies amid the conflict in West Asia. In March 2023, the oil basket had reached $112.87 after the Ukraine war broke out, but it slowly eased. The cost of crude for Indian refiners was pegged at $120.84 on April 1, when the Brent crude was hovering around $107 a barrel.The price of the Indian oil basket represents the average of Oman and Dubai for sour grades and Brent (Dated) f ...Read More >
Indian stock markets plunged over 2% after U.S. President Trump's speech on the Middle East conflict disappointed investors. The lack of a ceasefire announcement sparked a surge in crude oil prices, erasing recent gains and increasing volatility. Indian equity benchmarks plunged during early trade on Thursday as investors reacted sharply to U.S. President Donald Trump's address regarding the escalating Middle East conflict. The BSE Sensex and NSE Nifty 50 both dropped over two per cent within m ...Read More >
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