A prolonged closure of the Strait of Hormuz could push crude oil prices to as high as $200 per barrel and trigger a global recession, according to a Wood Mackenzie report.
India’s crude oil imports see a significant shift this May. Venezuela has become the third-largest supplier, surpassing Saudi Arabia and the US. This surge is due to Indian refiners, like Reliance Industries, buying more of Venezuela’s cost-effective, heavy crude. Overall imports are up, though still below pre-Iran war levels. Supplies from Saudi Arabia have decreased.
State-run fuel stations are seeing increased demand. This is happening because private companies have raised prices significantly. Bulk consumers are also buying fuel at retail outlets. This shift is causing shortages at some stations. The government is working to ensure adequate supplies. Crude oil and fuel supplies remain sufficient in the country.
Seven key OPEC+ oil nations are poised to increase July output by approximately 188,000 barrels per day. This decision comes as the group meets on June 7. Despite ongoing disruptions from the Iran war, OPEC+ has been raising its monthly targets since April. The United Arab Emirates’ recent departure from the group is noted.
Reliance Industries and its offshore partners are strongly denying allegations of siphoning gas from ONGC fields. The companies are in the Supreme Court challenging a High Court verdict that overturned an arbitral award in their favor. The Centre had demanded over a billion dollars for gas allegedly migrated from ONGC blocks to their KG-D6 area.
Adani Total Gas has appointed Sanjay Pandita as its new CEO, effective May 22, 2026. With 25 years of experience in the energy sector, Pandita is recognized for his expertise in natural gas, LNG, and low-carbon solutions. His career includes significant contributions to India’s clean energy transition and business growth in city gas distribution and…
Fuel demand is rising at some Indian petrol pumps. Bulk diesel buyers are switching to retail outlets due to a large price gap. This is causing temporary shortages at a few locations. The government states that fuel supplies remain ample and stable across the country. Citizens are urged not to panic buy.
Global oil stockpiles are shrinking at a record pace this month, with visible crude and fuel inventories falling by 8.7 million barrels daily. This sharp drawdown reflects severe supply disruptions tied to the Middle East conflict, leading to a tightening market and concerns about future availability.
China is unlocking a new energy frontier with coal rock gas extracted from deep within its coal basins. This ambitious multi-billion-dollar initiative is set to bolster domestic natural gas production while easing its dependence on foreign imports. With PetroChina predicting vast output by 2035, this strategy could position China as a fortress against global energy…
The Strait of Hormuz closure is impacting Asia’s chemical industry, pushing India to emulate China’s coal-to-chemicals model for energy and food security. Despite domestic coal challenges and technological gaps, India is investing heavily to boost its coal-based chemical production, potentially extending the fossil fuel’s demand.