The Union Cabinet, chaired by Narendra Modi, on Saturday approved a Sovereign Maritime Fund to provide insurance cover for Indian-flagged, India-bound and India-originating vessels. The move aims to strengthen maritime trade resilience, reduce reliance on foreign insurers, and safeguard shipping operations amid rising global uncertainties.
A U.S. waiver allowing countries to buy sanctioned Russian oil at sea has been extended for another month. This extension will affect an additional 100 million barrels of Russian oil. The total volume impacted by waivers now stands at 200 million barrels. Kirill Dmitriev, a special envoy, noted active political opposition to the waiver’s extension.
Iran’s IRGC Navy has imposed new restrictions on maritime traffic through the Strait of Hormuz, permitting only civilian vessels on designated Iranian routes. Military ships are explicitly barred from transiting the vital waterway. These directives follow Iran’s announcement of opening the strait and come amid US President Trump’s insistence on maintaining a naval blockade until…
Several oil tankers have turned back in the Persian Gulf. This follows Iran’s mixed signals on keeping the Strait of Hormuz open. Shipowners are uncertain about transit. Five Greek and Indian tankers halted journeys early Saturday. Warnings were reportedly broadcast over radio. The situation creates confusion for global oil trade.
Liquefied natural gas tankers are approaching the Strait of Hormuz, potentially resuming vital fuel flows after Iran declared the strait open. This follows a period of effective closure that impacted global LNG supplies and prices. The situation remains uncertain as conflicting statements from Iran and the US persist, with insurance responses also a key factor.
The Donald Trump administration has issued a short-term waiver allowing countries to continue buying sanctioned Russian oil loaded on ships until May 16, aiming to stabilise global energy prices amid the US-Israeli war on Iran.
India faces a tougher energy market as the US will not extend waivers for Russian oil imports. This decision impacts countries already struggling with the Hormuz crisis. Russia has assured India of continued energy supplies, including crude oil, LPG, and LNG. India’s oil imports from Russia have significantly increased, making it a key market for…
India is planning a significant expansion of its nuclear energy sector. Experts emphasize the need for new financial strategies and robust risk-sharing frameworks. The SHANTI Act of 2025 is enabling private sector involvement. Accelerating site studies and ensuring long-term fuel supply are crucial steps. These efforts aim to boost clean energy generation and achieve ambitious…
Nitin Bhatnagar, Executive Director and State Head of IndianOil AOD State said that the supply of domestic LPG cylinders and petroleum products in the state of Assam remains completely normal and adequate stocks of both LPG and petroleum products are available across the state
Reliance Industries has rejected two Iranian oil cargoes. This comes just before a U.S. waiver on Iranian oil exports expires. Washington will not renew these waivers. India had allowed Reliance to buy Iranian oil on several sanctioned tankers. Reliance stated the Derya tanker cargo did not meet compliance requirements. Indian Oil Corp recently bought Iranian…