This report is from this week’s CNBC’s “Inside India” newsletter. Like what you see? You can subscribe here. The big story If refineries are the oil industry’s children, India’s got plenty of mouths to feed — and U.S. tariff threats over Russian crude are imperiling a distinctly affordable meal ticket. This week, U.S. President Donald Trump…
US President Donald Trump has issued an executive order hitting India with an additional 25% tariff over its purchases of Russian oil. That will raise the total tariff on Indian imports to the United States to 50% – among the highest rates imposed by the US. The new rate will come into effect in 21…
A rare oil portrait of Indian independence leader Mahatma Gandhi has been sold at auction in London for £152,800 ($204,648). The figure is much higher than the £50,000-£70,000 that auction house Bonhams had estimated the work might fetch. It was painted in 1931 by British artist Clare Leighton when Gandhi visited London. Bonhams said the…
VivaJets has underscored the crucial role of private aviation in Africa’s oil and gas industry. The airline said private aviation was needed to unlock efficiency, speed, and strategic advantage in the oil and gas sector. The start-up aviation firm was a sponsor and exhibitor at the recently-concluded Nigerian Oil and Gas (NOG) Energy Week in…
Flags of the European Union and the United States. Sean Gallup | Getty Images News | Getty Images CNBC’s assignment desk has a conundrum this week: how to approach July, 9. Why does this specific date matter? It’s the deadline for trade negotiations between the U.S. and European Union before the tariffs axe (maybe) falls…
The OPEC logo is displayed on a mobile phone screen in front of a computer screen displaying OPEC icons in Ankara, Turkey, on June 25, 2024. Anadolu | Anadolu | Getty Images Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective crude production by 548,000 barrels per day, as they…
Oil prices fell sharply Monday after a missile strike by Iran on a U.S. airbase in Qatar left no reported casualties, raising investors’ hopes that there might be a path to de-escalate the conflict in the Middle East. U.S. crude oil fell $5.33, or 7.22%, to close at $68.51 per barrel, while global benchmark…
As the war between the State of Israel and the Islamic Republic of Iran enters its tenth day, experts on global affairs have warned that further escalation of the conflict has the potential of disrupting trade routes, affect oil prices and disturb world peace as more alliances are beginning to manifest with a threat of…
A majority of people believe governments must tax oil, gas and coal corporations for climate-related loss and damage, and that their government is not doing enough to counter the influence on politics of the super-rich and polluting industries. These are the key findings of a global survey, which reflects broad consensus across political affiliations, income…
The price of crude oil, yesterday, dropped marginally to $73 per barrel from $74 per barrel in the international market as the Israel-Iran conflict tension eases. The tension eased following Iran’s indication of interest to halt hostilities and resume negotiations over its nuclear program with Israel. Consequently, the price of Brent, usually used to benchmark…
