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Crude oil back above $90 a barrel. How elevated energy prices may impact various Indian sectors?
Crude oil prices surged to nearly $120 a bbl due to the US-Iran conflict, disrupting Middle Eastern energy production. Prices have fluctuated significantly, impacting global markets and raising concerns over economic repercussions, especially for India reliant on imports from the Strait of Hormuz.
Sandur Manganese & Iron Ores Ltd Surges 1.81%
Sandur Manganese & Iron Ores Ltd has lost 5.06% over last one month compared to 4.54% fall in BSE Energy index and 6.93% drop in the SENSEX
RIL shares rise 2% as Trump announces $300 billion US refinery project with Ambani backing
Reliance Industries shares gained 2% after U.S. President Donald Trump announced the company would partner in developing a $300 billion oil refinery in Brownsville, Texas. Trump described the project as the "biggest in U.S. history," aiming to boost American energy production and create thousands of jobs. Reliance Industries has not yet confirmed the statement.
US raises 2027 oil output forecast after prices soar on Iran War
The US raised its 2027 oil production forecast to 13.83 million barrels/day due to price surges. The Energy Information Administration cited Middle East supply disruptions and more shale hedging.
Stocks in news: Nazara Technologies, IndiGo, Hindustan Zinc, NTPC Green, RIL
Indian markets saw a strong rebound on Tuesday, recovering some losses. Global cues improved and crude oil price worries eased. Several companies are in focus today. Nazara Technologies saw a significant block deal. IndiGo's CEO stepped down. RIL is boosting LPG production. Vedanta calls for unlocking domestic resources. NTPC Green Energy added new solar capacity.
Reliance to invest in first new US oil refinery in 50 years, says Trump; calls $300 billion Texas project ‘historic deal’
Reliance Industries will partner with America First Refining to build the first new U.S. oil refinery in 50 years. The $300 billion project, planned for Brownsville, Texas, is hailed as the largest in U.S. history and a significant boost for American energy production.
International Energy Agency proposes largest ever oil release from strategic reserves: Report
The International Energy Agency is reportedly planning its largest-ever release of oil reserves to combat soaring crude prices. This move, aimed at mitigating the impact of the U.S.-Israel war with Iran, would surpass the 182 million barrels released in 2022 following Russia's invasion of Ukraine.
India ensures household gas supply amid global energy crisis
India is diverting imported and domestic gas to priority sectors like households and CNG vehicles due to supply crunches caused by the Iran war. Petrochemical units and power plants may face complete allocation cuts, while fertilizer and refinery supplies are also reduced. GAIL will manage the diversion, with a common price set by the oil ministry.
Crude oil prices rebound after US flip-flop on Strait of Hormuz
Prices have also been fluctuating on reports of the International Energy Agency (IEA) meeting to discuss releasing some emergency reserves in the market. The IEA has 30 member nations, mostly across America, Europe, and Northeast Asia.
US Didn’t Escort Tanker Through Hormuz, Refuting Wright Post
The US said no oil tanker has been escorted by its navy through the Strait of Hormuz, refuting an earlier, since-deleted social media post by Energy Secretary Chris Wright.
US eases limits on Russian energy as oil prices soar
Treasury Secretary Scott Bessent on Friday issued a 30-day waiver for India to buy Russian oil already at sea without retaliation from Washington, which he said would only have a modest impact on Russia's revenues.
Reliance Industries to ramp up LPG output at Jamnagar, divert KG-D6 gas to priority sectors amid energy volatility
Reliance to boost LPG production at Jamnagar and divert KG-D6 Basin gas to priority sectors to support India’s energy security amid global market volatility.