The conflict between Russia and Ukraine is affecting the global economy via financial sanctions, higher commodity prices and supply-chain disruptions. These transmission channels are collaboratively causing inflation to spike and growth to slow sharply, especially in Europe. This situation will play out over the rest of the year, as we expect the war to last until the end of 2022 at least, EIU said.
In terms of economic impact, it's a work-in-progress. The flat revenue expenditure budgeted is almost certain to be revisited in the middle of the year - especially allocations for key social expenditure like PM-KISAN, NREGA and subsidies. Twenty-five per cent rise in capex budget is good, but heavily dependent on government's execution capacities.
Minister of State, Petroleum Rameswar Teli on Friday said states will have to reduce taxes on petrol and diesel in order to lower the burden on retail consumers
The oil prices have declined on concerns of growing Covid cases, slowing industrial recovery globally and rising US oil inventory.
New Delhi: For the Indian oil and gas sector, the year was defined by what occured outside with crude oil prices rising steadily to cross $86 a barrel owing to oil producers starting output cuts from January, before a sharp correction in the third quarter brought it down to below $50 earlier this month. Consequently, […]
New York: Oil prices rallied on Monday amid tensions over the disappearance of a Saudi Arabian journalist, which stoked crude supply worries. US President Donald Trump said on Monday that he will send Secretary of State Mike Pompeo to Saudi Arabia over the disappearance of the journalist, Xinhua reported. Jamal Khashoggi, a journalist and columnist for […]
Mumbai: The Reserve Bank of India’s (RBI) stance, along with an expected hike in the US lending rates and high crude oil prices are expected to further exert pressure on the Indian rupee in the coming week, experts say. In addition, the continuous outflow of foreign funds from the equity segment and global market volatility […]
New York: Oil prices went down on Friday amid rising supplies from countries including Russia and Saudi Arabia. Russia and key OPEC (Organization of the Petroleum Exporting Countries) members such as Saudi Arabia and Kuwait have all increased production recently, trying to help compensate for a potential decline in Iranian crude supplies once planned US […]
Bhubaneswar: Odisha has been at loggerheads with the Centre over a host of issues like Minimum Support Price (MSP) for Paddy, rising oil prices, Polavaram dam and special category status for the state. However, the ruling BJD’s tilt towards the BJP has resulted in noticeable softening of its stance on these issue, which many believe, […]
New Delhi: Petroleum Minister Dharmendra Pradhan on Monday said here that oil prices would ease if the ongoing global tensions do not increase. He also said that crude oil prices have already eased by a few dollars per barrel in the past few days. Crude oil prices surged as high as 20 per cent on […]
Mumbai: Global oil prices jumped over 3 per cent on Friday after a US airstrike ordered by President Donald Trump killed a top Iranian general in Iraq. The sharp jump followed the attack over fears of conflict between two of the worlds largest oil-producing nations. The global benchmark, Brent, was trading 3.20 per cent higher […]
New York: US oil prices turned negative on Monday for the time in history. West Texas Intermediate crude for May delivery shed more than 300 per cent to settle at -37.63 USD per barrel on the New York Mercantile Exchange. What it means is that oil producers are paying the buyers to take the commodity […]
Washington: US President Donald Trump has directed his administration to work on a plan to get funding to the oil and gas industries as a steep sell-off in oil futures continued. “We will never let the great US Oil & Gas Industry down,” Trump tweeted on Tuesday morning, Xinhua reported. “I have instructed the Secretary […]