Cylinder demand had gone up to 89 lakh due to panic ordering by consumers and has now come down to 50 lakh again, according to the petroleum ministry's statement.
Up to 7-8 million barrels of Venezuelan oil is expected to arrive in India over the next month while US waiver also opens window for stranded Iranian crude oil.
Brent crude futures rose 71 cents, or 0.8%, to $94.64 a barrel by 0622 GMT while U.S. West Texas Intermediate crude futures were at $91.55 a barrel, up 78 cents, or 0.9%.
IEA projects sharp reversal from its earlier expectations, with global demand for oil in 2026 turning negative. Hormuz disruptions have pushed crude prices to $130 per barrel.
We now live in a world order that will keep shifting. India must use this window. This also means we remain disciplined enough not to be knee-jerked into reacting to what Pakistan sees as its moment in the sun.
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