India's 40 percent export duty on onions is raising concerns in the Arab world about the impact on food inflation and supply chains, as GCC countries heavily rely on Indian imports, and the duty could potentially lead to price fluctuations and shortages of the vegetable in the region.
India has made a historic oil deal with the UAE, purchasing 1 million barrels of oil in rupees instead of US dollars, marking a significant step in the BRICS alliance's de-dollarization efforts.
India's oil minister has stated that the country will purchase oil from any source that offers it at the lowest possible prices.
The outlook for oil prices and Chinese demand, OPEC+ supply curbs, rising flows of Iranian crude, and the transition away from fossil fuels are among the key topics discussed at Asia's largest gathering of industry traders and executives.
The cooperation between Saudi Arabia and Russia on oil production is unprecedented, dividing the world into "producers against consumers," according to Viktor Katona, Lead Crude Analyst at Kpler.
The recent global supply concerns caused by Russia's fuel export ban are driving up oil prices, counteracting the demand fears driven by macroeconomic headwinds and high interest rates.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman defends OPEC+ cuts to oil supply, citing the need for light-handed regulation to limit market volatility and expressing uncertainty about Chinese demand, European growth, and central bank action to tackle inflation.
The head of OPEC warns that a lack of investment in the oil industry poses a danger to global energy security and could cause crude prices to reach $100 a barrel.
The secretary general of Opec+ predicts that oil prices will remain high due to increasing energy demand, as Saudi Arabia cuts its crude oil production by a million barrels a day and warns of a potential supply shortfall.
India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has called on oil producers to consider the interests of consuming countries as global oil prices rise.
OPEC+ decides to maintain current oil production cuts, causing a drop in crude oil prices despite the potential need for higher prices to impact demand, with oil demand booming in China and India but declining in the US.
OPEC raises its estimate for long-term oil demand, stating that trillions of dollars will be needed to meet the higher demand due to growth in China, India, and other Asian, African, and Middle Eastern countries.
The Biden administration is exploring ways to prevent a surge in global oil prices, including discussions with major oil-producing nations like Saudi Arabia and considering authorizing new releases from the Strategic Petroleum Reserve, amid fears that the conflict in the Middle East could disrupt oil supply and raise gasoline prices for American consumers.
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