Oil

Fuel protests disrupt Ireland as over third of service stations run dry

Protests over the soaring cost of fuel spread disruption across Ireland on Saturday with many gas stations running dry as truck and tractor drivers staged a fifth day of blockades at the country's sole fuel refinery and several depots. Vehicles blocking traffic led to closures of the main highway around the capital, Dublin, as well as six other major roadways. More than a third of the 1,500 service stations in the republic are out of fuel and that number is expected to grow dramatically if the roadblocks remain, Fuels for Ireland chief executive Kevin McPartlan said. Irish police put all its officers on notice they could be called to duty over the weekend and the military was on standby to help remove the vehicles as the government was due to renew talks Saturday to resolve the dispute. Frustration over the soaring cost of fuel led to the protests that began Tuesday and have continued to grow as word spread on social media. Government officials, who had already introduced measures

Oil shock concludes FY26 amid record gold, silver gains as volatility rises

The oil crisis is unfolding amid record global debt, fragile supply chains, and emerging market volatility

Rapeseed-mustard output to rise 3.5% to 11.94 mn tonne in 2025-26: SEA

India's rapeseed-mustard production is estimated to rise 3.5 per cent to 119.4 lakh tonne in the 2025-26 rabi season, driven by higher acreage, industry body Solvent Extractors' Association of India (SEA) said on Monday. Total production stood at 115.2 lakh tonne in the 2024-25 rabi season. Area under the crop rose to 93.91 lakh hectares from 92.15 lakh hectares a year earlier, while average yield improved to 1,271 kg per hectare from 1,250 kg per hectare, supported by favourable weather conditions and improved agronomic practices, SEA said in a statement. Rajasthan remained the top producing state with output estimated at 53.9 lakh tonne. Uttar Pradesh recorded a notable rise to 18.1 lakh tonne, while Haryana showed steady growth at 12.7 lakh tonne. West Bengal and Gujarat also registered gains, with production estimated at 7.4 lakh tonne and 5.9 lakh tonne, respectively. Assam reported lower yields, with output declining to 2.1 lakh tonne, while Bihar remained largely stable at

Fuel price relief? Why India cut fuel excise duty now and what it means for oil prices

The government has reduced excise duty by ₹10 per litre on both petrol and diesel amid rising global oil risks linked to West Asia tensions. This brings excise on petrol down to roughly ₹3 per litre,

Core sector growth slows to 2.3% in Feb on fall in oil, gas output

Production growth in eight core infrastructure sectors slowed down to 2.3 per cent in February from 3.4 per cent in the same month last year, according to government data. Production of crude oil, natural gas, and refinery products declined during the month. During April-February, the cumulative production growth in infrastructure sectors was 2.9 per cent, compared with 4.4 per cent in the same period of the last financial year.

Explained: Why Russian oil is returning to India

As tensions escalate in West Asia and the Strait of Hormuz faces disruptions, global oil flows are shifting fast. India, the world’s third-largest oil consumer,

Watch EAM S Jaishankar's statement on West Asia conflict | Rajya Sabha | US-Iran war | Israel | Oil

India advocates de-escalation and return to dialogue and diplomacy, External Affairs Minister S Jaishankar said on Monday on the widening West Asia conflict, while stressing on respect for sovereignty

7 Years, ₹8,700 cr: Why India’s oil safety project is still stuck | Strategic oil reserves

India planned a massive ₹8,743 crore strategic oil reserve in Odisha to strengthen the country’s energy security during global crises. But even after seven years,

Trump Alaska lease sale draws record $163 million from oil majors

The record auction revealed pent-up demand among drillers for acreage in the reserve, more than six years after the last federal oil and gas auction there

Trump grants 60-day waiver from Jones Act shipping rules to ease oil costs

The White House said President Donald Trump would waive, for 60 days, Jones Act requirements for goods shipped between US ports to be moved on US-flagged vessels. The 1920s law, designed to protect the American shipbuilding sector, is often blamed for making gas more expensive. The moves highlight the increased pressure that the Republican administration is under to ease soaring oil prices as the United States, along with Israel, wages a war with Iran without a foreseeable end date. Global oil prices have since spiked as Iran halted traffic through the narrow Strait of Hormuz, where one-fifth of the world's oil typically passes through from the Persian Gulf to customers worldwide.

Oil tanker reaches India: Vessel ‘Shenlong’ carrying Saudi crude enters India via Strait of Hormuz

An Indian-captained crude oil tanker carrying 135,335 metric tonnes of Saudi crude reached Mumbai after briefly switching off its tracking system to cross the Strait of Hormuz in dark mode.

EVs avoided the use of 2.3 million barrels of oil per day in 2025

Two- and three-wheeler vehicles now make up the bulk of avoided road fuel use due to the fast rise of electric motorbikes, especially in developing nations

Iran war: OIS curve surges as crude oil rally fuels repo-rate hike bets

Sharp rise in OIS rates suggests markets are pricing in possible RBI rate hikes this year if elevated crude oil prices sustain inflationary pressures

US energy secy directs oil company to restore operations off California

US Energy Secretary Chris Wright directed a Texas-based oil and gas company Friday to restore operations in waters off southern California that were damaged by a 2015 oil spill, invoking the Defence Production Act. Restoring Sable Offshore Corp.'s Santa Ynez unit and pipeline off Santa Barbara aims to address supply disruption risks, according to a department news release. The unit includes three rigs in federal waters, offshore and onshore pipelines, and the Las Flores Canyon Processing Facility. The facility can produce about 50,000 barrels of oil per day and would replace nearly 1.5 million barrels of foreign crude each month, officials said. "The Trump Administration remains committed to putting all Americans and their energy security first," Wright said in a statement. "Unfortunately, some state leaders have not adhered to those same principles, with potentially disastrous consequences not just for their residents, but also our national security. Today's order will strengthen .

Lanka IOC assures Sri Lanka fuel supply security amid West Asia crisis

A top official of the Lanka Indian Oil Corporation, the company's Sri Lanka operation, on Saturday assured continued fuel supplies amid the ongoing conflict in West Asia. The statement from Lanka Indian Oil Corporation (LIOC) comes after Sri Lanka's foreign minister, Vijitha Herath, expressed confidence that the request to his Indian counterpart, Dr S. Jaishankar, would help sustain island nations' energy supply chain. Herath discussed the matter with Jaishankar during his official visit to India on March 6. Addressing a gathering of management students here on Saturday, K Raghu, the managing director of LIOC, said,"As the Managing Director of Lanka IOC, I only want to tell the people that you are all in safe hands." "We will maintain the fuel line and provide energy security to the country, which is very important," Raghu added. "I will not say the situation is very rosy, but I will definitely assure you that you are all in safe hands, he said, adding that the companies and the .

Home Secretary reviews LPG supply with states govts to ensure no disruption

India is among the world's largest consumers of LPG, which is widely used as a primary cooking fuel in households

IEA to release record 400 million barrels of oil from stockpiles

The IEA, which co-ordinates stockpile releases for OECD countries, has said its 32 members hold more than 1.2 billion barrels in public emergency stockpiles

India's Russian oil buy surges 50% amid scramble to replace lost barrels

India's purchase of Russian crude oil has surged 50 per cent in March as New Delhi tapped alternate sources to make up for the shortfall arising from disruption in the Middle East amid a widening military conflict. India bought about 1.5 million barrels of Russian oil this month, up from 1.04 million bpd in February, ship tracking data showed. India, the world's third-largest crude importer, sources 88 per cent of its oil needs from abroad. It consumes 5.8 million barrels per day, of which 2.5-2.7 million barrels came from Middle East countries like Saudi Arabia, Iraq, and the UAE via the Strait of Hormuz. The chokepoint also carried 55 per cent of India's cooking gas (LPG) and 30 per cent of liquefied natural gas (LNG), used for power, fertilizers, CNG, and household cooking. The ongoing conflict has largely halted shipments through the strait, forcing India to seek alternative crude sources from Russia. "India was expected to import around 2.6 million barrels per day of crude vi

Oil remains potent geopolitical tool, decades after energy crisis

In the West Asia, Iran has leaned on one of its strategic advantages: its ability to disrupt the flow of oil and natural gas through the Persian Gulf and hurt economies around the world

Oil and gas prices rapidly rise as Iran war shows no signs of letting up

The price of oil surged higher and showed no signs of halting its rapid climb a week after the US and Israel launched major attacks on Iran that escalated into a war in the Middle East. The conflict, in which nearly every country in the Middle East has sustained damage from missiles or drone strikes, has left ships that carry roughly 20 million barrels of oil a day stranded in the Persian Gulf, unable to safely pass through the Strait of Hormuz, the narrow mouth of the Gulf that is bordered on its north side by Iran. The disruption and damage to key oil and gas facilities in the Middle East has led to an interruption in the supply of oil and gas. Oil prices surpassed $90 a barrel Friday, with American crude settling at $90.90, up 36% from a week ago, and Brent, the international standard, climbing 27% over the course of the week to land at $92.69. The fallout is ratcheting up what consumers and business will pay for gasoline, diesel and jet fuel, with some drivers already feeling i