Key producers led by Saudi Arabia & Russia have an agreement in principle to increase targets by about 206,000 barrels a day during a video conference Sunday, delegates tell Bloomberg.
Led by Saudi Arabia and Russia, the group was set to resume modest output hikes from April after a three-month freeze. In Q4, it added 137,000 barrels a day each month.
India shipped in about 1.6 million barrels per day (bpd) of Russian oil in 2022/23, the data showed, about 23% of its overall 4.65 million bpd imports.
Announcement by oil-producing cartel Sunday sent global markets into flux, with crude prices surging high. Experts say India will only feel effects in medium to long term.
Organization of Petroleum Exporting Countries and their allies, including Russia, shook markets by announcing output cuts of about 1.16 million barrels/day on Sunday.
With its fleet of hurriedly assembled tankers, Moscow is likely to defy EU oil sanctions. Moreover, eased US sanctions on Venezuelan crude to help New Delhi meet energy demand.
Oil minister Hardeep Singh Puri warned that these cuts could tip the world into recession. He also informed that Indian firms have signed new oil supply deals with Colombia and Brazil.
Basrah Medium & Heavy crude, Iraq's main exported grades, face a threat in international markets as major buyers, India & China prefer discounted Russian crude oil after Ukraine invasion.
Pakistan's SSG team was not adequately provisioned for the inclement weather. If it managed to consolidate its position, the story of Siachen would have been different.
The reopening of the Strait of Hormuz eases supply fears, but controlled shipping, slow output recovery, and high costs may delay oil flow normalisation for months.
This special edition of Cut The Clutter, straight from the Siliguri corridor, details the strategic importance of the narrow strip of land in West Bengal, and how it’s a vital link connecting the Northeast to the rest of India.
American objectives are unmet. They neither have muscle nor motivation to resume the war. As for Iran, the regime didn’t just survive, it’s now led by more radical individuals.
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