Vienna/Washington: OPEC Plus, a group which includes the world’s leading fuel-producing countries, has decided to decrease crude oil production by two million barrels per day. This decision is considered to be a significant diplomatic victory for Russia. The United States has strongly reacted to this, and the Biden administration has criticised the announcement as protecting […]
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Vienna: Crude oil prices have once again gone past $100 per barrel after the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries signalled to cut oil production. This is coupled with looming uncertainty over the Iran nuclear deal. Analysts have warned that if OPEC Plus cuts oil production, the oil prices will […]
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Bangkok: India’s External Affairs Minister (EAM), Dr S Jaishankar claims that India has convinced the US about its decision to source oil from Russia. The US had registered its displeasure about buying Russian fuel. However, India decided not to be defensive about its choices. While the oil prices are soaring in the international market, India’s […]
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Washington: Fear of global recession and increasing spread of Coronavirus caused a fall of about 10% in the crude oil rates in two days. The fall has brought the crude oil rates below USD 100 per barrel level. This is the first decline in crude oil rates since the start of the Russia-Ukraine conflict at […]
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Washington: Leading financial institution JP Morgan Chase warned that the United States and European countries had imposed sanctions against the Russian fuel sector since the Ukraine conflict started. The Russian leadership has repeatedly warned of a strong retaliation against the sanctions. In this scenario, if the Russian leadership decides to cut oil exports, the fuel […]
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Washington: – The Biden administration has again indicated the opening of the ‘Strategic Petroleum Reserves’ ban on Russian fuel imports given the Ukraine conflict and rising inflation. An announcement to that effect is expected on Thursday. This is the third time in the last five months that the United States has used the Strategic Petroleum […]
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Tehran: – The fuel prices have flared up in the international markets given the Russia-Ukraine war and the western countries are appealing to augment fuel production. In this scenario, Iran objected to the agreement signed between Saudi and Kuwait to develop the fuel gas fields in the Persian Gulf. Iran termed the deal as illegal, […]
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New Delhi: Since the United States imposed harsh sanctions targeting Russian oil exports, Russia has proposed to supply oil at a concessional rate to India as a trusted ally. As the crude prices are inflated in the international markets, it is reported that India is mulling over accepting the offer. Few sources from Indian Oil […]
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Paris/Moscow/London: – French Finance Minister Bruno Le Maire warned that the flare-up in the oil rates following the Russian attack on Ukraine and its consequences are similar to the Oil Shock of 1973. The French Finance Minister warned that the global economy could slow down given the situation created in the oil market. The current […]
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Dubai: – In 2014, the Arab allies’ coalition had started a military conflict against the Houthi rebels in Yemen. At that time, the United States had refused to participate in the war, saying that this was not their war. However, the Russia-Ukraine war has flared up over the last few days. Hence, the fuel rates […]
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