Oil Supplies

Union Petroleum and Natural Gas minister Hardeep Singh Puri said oil will remain a key part of the world's energy supply for years to come.

Oil prices inched up in early Asian trading hours on Friday, holding on to their strong weekly gains, as investors weighed the Middle East conflict and the potential disruption in crude flows against an amply-supplied global market.

U.S. West Texas Intermediate (WTI) crude futures rose by $1.09, or 1.56%, to $70.92 per barrel at 2254 GMT on fears of oil supply disruptions in the Middle East after Iran fired ballistic missiles at Israel.

The world is likely to have a "major surplus" of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said in an annual report published Wednesday.

Saudi Arabia announced on Sunday it would extend oil supply cuts through June as part of a bid to prop up prices.

Fresh U.S. sanctions on Moscow threaten to dent Russian oil sales to India, the biggest buyer of Russian seaborne crude, and complicate efforts by Indian state refiners to secure annual supply deals, three industry sources familiar with the matter sa

India's crude oil imports from its top supplier Russia fell for a second straight month in January to their lowest in a year as tighter Western sanctions hit supply of light sweet Sokol grade, preliminary ship tracking data showed.

Supply cuts by OPEC , costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world's third biggest oil importer, to diversify its crude sources and accelerate its energy transition

Pakistan International Airline (PIA) flights have been severely affected as Pakistan State Oil (PSO) stopped fuel supply to the national carrier over non-payment of dues to the company, Geo News reported on Monday.

Amid the ongoing Israel-Hamas conflict, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said that there is no expectation of any disruption in supply lines for crude oil so far.

Oil prices soared more than four percent Monday after Hamas launched an attack on Israel at the weekend, sparking concerns about possible supply shocks from the crude-rich region.

In addition to causing spikes in electricity demand as people fire up air conditioners, the scorching temperatures have led to a spate of disruptions at oil refineries.

When the Ukraine conflict polarised the West and hit global fuel supply chains, Prime Minister Narendra Modi had told External Affairs Minister Dr S Jaishankar to "do whatever is needed for the benefit of the country".

Oil prices rose in early Asian trade on Monday after a failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world's largest producers.

Cuts by Saudi Arabia, the UAE and Kuwait totalling 772,000 barrels per day (bpd) will take effect from May and last for the rest of the year, they said in statements released by official media.

Union Petroleum and Natural Gas minister Hardeep Singh Puri said oil will remain a key part of the world's energy supply for years to come.

Oil prices inched up in early Asian trading hours on Friday, holding on to their strong weekly gains, as investors weighed the Middle East conflict and the potential disruption in crude flows against an amply-supplied global market.

U.S. West Texas Intermediate (WTI) crude futures rose by $1.09, or 1.56%, to $70.92 per barrel at 2254 GMT on fears of oil supply disruptions in the Middle East after Iran fired ballistic missiles at Israel.

The world is likely to have a "major surplus" of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said in an annual report published Wednesday.

Saudi Arabia announced on Sunday it would extend oil supply cuts through June as part of a bid to prop up prices.

Fresh U.S. sanctions on Moscow threaten to dent Russian oil sales to India, the biggest buyer of Russian seaborne crude, and complicate efforts by Indian state refiners to secure annual supply deals, three industry sources familiar with the matter sa

India's crude oil imports from its top supplier Russia fell for a second straight month in January to their lowest in a year as tighter Western sanctions hit supply of light sweet Sokol grade, preliminary ship tracking data showed.

Supply cuts by OPEC , costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world's third biggest oil importer, to diversify its crude sources and accelerate its energy transition

Pakistan International Airline (PIA) flights have been severely affected as Pakistan State Oil (PSO) stopped fuel supply to the national carrier over non-payment of dues to the company, Geo News reported on Monday.

Amid the ongoing Israel-Hamas conflict, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said that there is no expectation of any disruption in supply lines for crude oil so far.

Oil prices soared more than four percent Monday after Hamas launched an attack on Israel at the weekend, sparking concerns about possible supply shocks from the crude-rich region.

In addition to causing spikes in electricity demand as people fire up air conditioners, the scorching temperatures have led to a spate of disruptions at oil refineries.

When the Ukraine conflict polarised the West and hit global fuel supply chains, Prime Minister Narendra Modi had told External Affairs Minister Dr S Jaishankar to "do whatever is needed for the benefit of the country".

Oil prices rose in early Asian trade on Monday after a failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world's largest producers.

Cuts by Saudi Arabia, the UAE and Kuwait totalling 772,000 barrels per day (bpd) will take effect from May and last for the rest of the year, they said in statements released by official media.