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It said India is particularly vulnerable to high oil prices, given that it is a large importer of crude oil.

President Muhammadu Buhari has apologised to Nigerians for the inconvenience caused by the prolonged shortage of petrol and other petroleum products. https://t.co/GMfSrNRxlE pic.twitter.com/buCrlWe7HF — Presidency Nigeria (@NGRPresident) March 16, 2022 The President made this plea on Wednesday via a statement by Garba Shehu, his Senior Special Assistant on Media and Publicity. He said his administration had successfully averted such a problem in its seven years in office. “The administration knows the fuel shortage has placed a strain on Nigerian citizens and businesses, but relief is on the way. Continue reading “Sufficient Fuel Supply Has Returned To Some States” – Buhari at BizWatchNigeria.Ng.

Oil prices climbed after the International Energy Agency (IEA) said markets could lose three million barrels per day (bpd) of Russian crude and refined products from April.

Residents return to flood-damaged homes in Broadwater expecting to find them caked in mud and smelling of mould. Instead, it''s worse — they are covered in fuel and oil.

Australia''s heavy sweet Vincent crude cash differentials plunged due to a reduction in its flash point following the resumption of the Cimatti oilfield in the Greater Enfield project, making the crude unsuitable for low sulfur fuel oil blending, market sources told S&P Global Commodity Insights March 17. The fuel oil rich Vincent crude, which typically has a gravity of 19…

The Australian’s Washington Correspondent Adam Creighton says “we don’t know how bad” US inflation is going to get - after it hit the highest it''s been in 40 years. The US Federal Reserve announced a quarter-point rate hike, the first since 2018, to combat inflation. Mr Creighton said the Federal Reserve hopes the rate hike strategy will be enough to counteract the rising inflation. “We really don’t know how bad it’s going to get yet, I mean, it could get extremely bad, and they may have to actually hike rates mid-meeting,” he told Sky News Australia. “So, the level of uncertainty is just huge right now.” He said inflation is a “huge headache” for the Federal Reserve, and with the added pressure from the Russia-Ukraine war and increase in petrol prices, it could lead to many months of inflation, with the possibility of it surging past double digits.

It said India is particularly vulnerable to high oil prices, given that it is a large importer of crude oil.

Moody''s on Thursday slashed India''s growth estimate for the current year to 9.1 per cent, from 9.5 per cent earlier, saying high fuel and fertilizer import bill could limit the government''s capital expenditure.In its Global Macro Outlook 2022-23 (March 2022 Update) titled: Economic Growth will suffer as fallout from Russia''s invasion of Ukraine builds, the rating agency said that India''s growth is likely to be 5.4 per cent in 2023.It said India is particularly vulnerable to high oil prices, given that it is a large importer of crude oil. Because India is a surplus producer of grain, agricultural exports will benefit in the short-term from high prevailing prices."High fuel and potentially fertilizer costs would weigh on government finances down the road, potentially limiting planned capital spending."For all of these reasons, we have lowered our 2022 growth forecasts for India by 0.4 percentage point. We now expect the economy to grow by 9.1 pc this year," Moody''s Investors Service said.

NEW DELHI: Foreign brokerage JP Morgan downgraded India to ''underweight'' from ''neutral'', saying GDP growth may disappoint, adding to the downside risks to EPS estimates.High inflation is hurting both households and businesses, the brokerage said as it noted that the MSCI India is trading at a 98 per cent premium to the broader emerging market index. The brokerage said it retains its positive view on India''s defensive pocket as a shelter for volatile times. The brokerage has removed Tata Power, DLF and ICICI Bank from its EM model portfolio.Domestic monetary tightening cycle is key to watch, it said.#BrokerageRadar | @JPMorgan downgrades #India to Underweight from Neutral; Key Overweight calls are on #Brazil,… https://t.co/10BmKGupZs— ET NOW (@ETNOWlive) 1647495632000JPMorgan''s rating cut followed a similar rating cut by brokerage Credit Suisse (CS) earlier this month, as the latter felt India is the most vulnerable to oil price hikes in Asia. Credit Suisse recently said it will look for opportunities to re-enter the Indian market, but would tactically cut its India position to ''underweight'' from ''overweight''.

Global markets have been roiled in the last few weeks by Russia''s invasion of Ukraine and the resultant surge in commodity prices. For India, higher prices of crude oil prices assume significance as the country imports 85% of its oil needs. BofA Securities said it is inclined towards the scenario where Nifty ends the year at 17,000 aided by macro buffers.

Police are urging farmers to secure their fuel amid soaring petrol prices they fear could spur opportunistic thefts from tanks on rural properties.

Michigan Attorney General Dana Nessel (D) wants the Biden administration to intervene in the dispute over the state’s Line 5 oil pipeline and shut it down because keeping the pipeline open could result in an oil spill, Nessel says.

Earlier reports were that the Indian Oil Corporation (IOC) bought 3 million barrels of Russian Urals from trader Vitol for May delivery.Earlier this week White House Press Secretary Jen Psaki told reporters, in response to the possibility that India could take up the Russian offer of discounted crud

India Business News: Mumbai: A steep slide in crude oil prices globally, an overnight rally in the US market and Chinese govt’s explicit support on Wednesday for the count.

There seems to be no end to the misery of the common man. While still dreading the day fuel prices will go up, there is already a spike in the price of poultry, adding to the list of essential commodities like oil, that has seen prices heading north.