Economics

Europe could face jet fuel crunch within weeks, airports body warns

Air connectivity contributes €851 B ($997.03 B) in gross domestic product annually for European economies and supports 14 MM jobs, with airports handling 26% of Europe's exports by value.

India raises HPCL Rajasthan Refinery project cost to $8.6 B

HPCL Rajasthan Refinery Ltd is a joint venture with HPCL HPCL.NS owning a 74% stake and the rest owned by the state government of Rajasthan.

Slovakia ending diesel fuel export ban, other measures still in place

Slovakia has taken measures to cope with surging global oil prices since U.S. and Israeli strikes on Iran started at the end of February.

Iran ceasefire provides hope, but physical oil markets to remain stressed

Disruptions from the effective closure of the Strait of Hormuz are now working their way through supply chains, and physical markets in Asia are under stress and will remain so for months even if it does reopen fully.

China's teapots seek Iranian oil after prices fall

The Chinese refiners, known as teapots, had largely stayed on the sidelines since the U.S.-Iran conflict broke out in late February, causing global oil prices to surge, while Washington temporarily waived sanctions on Russian, Iranian crude at sea erasing discounts for these cargoes.

Trump's shipping waiver does not boost oil flows within U.S.; fuel exports soar

Last month, Trump waived Jones Act limitations for 60 days starting March 17, hoping the move would help tame the surge in fuel prices caused by the Iran war by increasing shipments from the U.S. Gulf Coast to other coastal markets in the country.

Five EU countries call for windfall tax on energy companies

Such a measure could help fund relief for consumers in the face of high energy prices and be a signal that "we stand united and are able to take action", they said.

Hormuz closure divides the fortunes of Middle Eastern oil states

The Strait of Hormuz's closure and the resulting surge in global oil prices have handed financial windfalls to Iran, Oman and Saudi Arabia, while other states that lack alternative shipment routes have lost billions of dollars.

Petrobras delivers LPG sold at steep premiums despite Lula move to annul auction

Brazilian state-run oil firm Petrobras has delivered liquefied petroleum gas auctioned off at high prices, even after President Luiz Inacio Lula da Silva said the government would annul it to protect consumers from fuel spikes.

India ends import tax on petrochemicals to help local industry