West Bengal leader Dilip Ghosh on Wednesday expressed serious concern over the military escalation in the Middle East and underlined the long term impact of the joint US-Israel strikes and retaliatory strikes of Iran on the global economy and oil prices.
The sources further stated that India is in a comfortable position with respect to LPG and LNG supplies. The government, according to sources, is keeping a close watch on the global energy market to ensure uninterrupted supplies for the country.
Following the outbreak of hostilities in the Middle East and the evolving global energy situation, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, informed that "the country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to
Russian President Vladimir Putin is set to convey the "growing concerns" of Gulf Arab leaders to Iran regarding its recent strikes on regional energy and civilian infrastructure, Reuters reported the Kremlin as saying on Tuesday.
If the oil prices move higher it would be negative for Asian stocks, but if the ongoing conflict ends relatively quickly, any adverse impact on markets is likely to be short-lived, according to a report by Invesco.
Crude oil prices may surge above the USD 100 per barrel threshold if there is any structural disruption to oil infrastructure amid the ongoing military escalations in West Asia, according to a report by ICICI Bank.
Indian share markets are closed on Tuesday on account of the Holi festival holiday, with trading suspended on both the National Stock Exchange (NSE) and the BSE.
Addressing Commissioners of Food Safety (CFS) and senior officials, Punhani emphasised the need for risk-based inspections and sustained surveillance drives in high-risk commodities such as milk and milk products, edible oils, spices, and honey.
"The Embassy of India expresses its deepest condolences on the tragic demise of an Indian national on board MKD Vyom. The Embassy is in close coordination with the local authorities in Oman to facilitate the safe and early repatriation of our nationals on board the vessel. We remain commi
"We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country," the Ministry of Petroleum and Natural Gas said in a post on X.
Escalating tensions in Iran and the wider West Asia region have intensified concerns over global crude oil supplies, with experts warning of sustained volatility that could potentially impact India's energy sector.