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India eyes Venezuelan upstream & downstream energy sectors; Modi-Gomez explore partnership in critical minerals & mining too
India is seeking a long-term energy partnership with Venezuela. Prime Minister Narendra Modi held talks with Venezuela's acting President Delcy Eloina Rodriguez Gomez. Discussions covered crude oil supply diversification and cooperation in critical minerals. Both nations also explored expanding commercial ties in pharmaceuticals, agriculture, and transportation. A technical team from India will visit Venezuela soon to explore opportunities further.
Petroleum dependence significant across core sectors, official data shows
As oil prices climb, significant Indian industries brace for impact. Transportation, farming, and power generation are especially reliant on petroleum, making them prime targets for economic instability with the unrest in the Middle East. Furthermore, mining and iron ore sectors also show marked susceptibility as recent data unveils these stark vulnerabilities in the economy.
A Rs 3 hike makes India’s inflation battle somewhat harder
Indian Oil Marketing Companies have increased petrol and diesel prices by Rs 3 per litre each, and CNG by Rs 2/kg, following daily losses of Rs 1,000-1,200 crore due to the Iran war. This move is expected to add inflationary pressure, impacting transportation, logistics, and retail goods costs.
DMRC launches hydrogen-fueled shuttle buses in Central Vista
Delhi Metro Rail Corporation has introduced a new hydrogen-powered shuttle bus service in Central Vista. Indian Oil Corporation Limited is providing two advanced buses for this initiative. The service aims to offer eco-friendly last-mile connectivity. It will operate on working days during peak office hours, connecting metro stations and government offices. This move supports sustainable transportation in the capital.
GAIL moves court against PNGRB over unbundling plan
GAIL has taken its dispute with the Petroleum and Natural Gas Regulatory Board to the Delhi High Court. The regulator wants to separate gas transportation and marketing, a reform mandated in 2017. GAIL argues this will harm its integrated business. A committee report supports the regulator's stance, stating the Indian gas market has evolved.
Chinese stocks slip as Iran conflict and oil price surge weigh on investor sentiment
Market sentiment remained weak as strong statements from leaders in Tehran and Washington suggested that the conflict is unlikely to ease soon after nearly two weeks of fighting. Concerns also grew after oil prices jumped, following Irans new supreme leader Mojtaba Khameneis pledge to keep the Strait of Hormuz effectively closed. At the same time, Tehran has stepped up attacks on regional oil and transportation infrastructure, raising fears of higher global inflation.
Watch: Why the Strait of Hormuz matters to global oil supply and rising geopolitical tensions
The video explains geopolitical and economic importance of Iran’s location, focusing on the Strait of Hormuz — a narrow maritime passage that plays a critical role in global oil transportation. The instability around the Strait of Hormuz is not just a regional issue but a global energy risk, with potential impacts on oil prices, trade flows, and energy security for importing nations such as India.