India's primary energy demand to see CAGR expansion of 2.7% over next two and half decades
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Indian Express
an hour ago
- Indian Express
Trump russia energy prices Putin to ‘stop killing people' Ukraine
US President Donald Trump on Tuesday said declining energy prices could pressure Russian President Vladimir Putin to halt the war in Ukraine. 'If energy goes down enough, Putin is going to stop killing people,' Trump said in an interview on CNBC. 'If you get energy down, another $10 a barrel, he's going to have no choice because his economy stinks.' Trump last week set a deadline for August 8 for Putin to move to end the war in Ukraine or face tougher US sanctions. His administration has also been pressuring India and China to stop buying Russian oil. Trump told CNBC that the drop in energy prices was due to increased production, including by the OPEC countries and others, and he expected further declines.' If you notice OPEC and OPEC+, they're drilling more because I think they want me happy,' he said. OPEC+ agreed on Sundayto raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia. The move marks a full and early reversal of OPEC+'s largest tranche of output cuts plus a separate increase in output for the United Arab Emirates amounting to about 2.5 million bpd, or about 2.4% of world demand. Eight OPEC+ members held a brief virtual meeting, amid increasing U.S. pressure on India to halt Russian oil purchases – part of Washington's efforts to bring Moscow to the negotiating table for a peace deal with Ukraine. The International Monetary Fund last week slashed its forecast for Russian economic growth to 0.9% for this year, from its previous forecast in April of 1.5% growth.
Mint
7 hours ago
- Mint
Oil steadies as OPEC output hikes counter Russia disruption concerns
LONDON -Oil was little changed on Tuesday as traders assessed rising OPEC supply and worries of weaker global demand, against U.S. President Donald Trump's threats to India over its Russian oil purchases. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC , agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. Brent crude futures were down 36 cents, or 0.5%, to $68.40 a barrel at 0910 GMT, while U.S. West Texas Intermediate crude slipped 41 cents to $65.88. Both contracts fell by more than 1% on Monday to settle at their lowest in a week. Trump on Monday again threatened higher tariffs on Indian goods over the country's Russian oil purchases. New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two countries. Oil's limited move since Trump's threat indicates that traders are sceptical of a supply disruption will happen, said John Evans of oil broker PVM in a report. He questioned whether Trump would risk higher oil prices. "I'd call it a stable market for oil," said Giovanni Staunovo, analyst at UBS. "Assume this likely continues until we figure out what the U.S. president announces in respect to Russia later this week and how those buyers would react." India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million bpd from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources. Trump's threats come amid renewed concerns about oil demand and some analysts expect faltering economic growth in the second half of the year. JPMorgan said on Tuesday the risk of a U.S. recession was high. Also, China's July Politburo meeting signalled no more policy easing, with the focus shifting to structural rebalancing of the world's second-largest economy, the analysts said. This article was generated from an automated news agency feed without modifications to text.
Mint
7 hours ago
- Mint
Oil steadies as OPEC output hikes counter Russia disruption concerns
LONDON -Oil was little changed on Tuesday as traders assessed rising OPEC supply and worries of weaker global demand, against U.S. President Donald Trump's threats to India over its Russian oil purchases. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC , agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. Brent crude futures were down 36 cents, or 0.5%, to $68.40 a barrel at 0910 GMT, while U.S. West Texas Intermediate crude slipped 41 cents to $65.88. Both contracts fell by more than 1% on Monday to settle at their lowest in a week. Trump on Monday again threatened higher tariffs on Indian goods over the country's Russian oil purchases. New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two countries. Oil's limited move since Trump's threat indicates that traders are sceptical of a supply disruption will happen, said John Evans of oil broker PVM in a report. He questioned whether Trump would risk higher oil prices. "I'd call it a stable market for oil," said Giovanni Staunovo, analyst at UBS. "Assume this likely continues until we figure out what the U.S. president announces in respect to Russia later this week and how those buyers would react." India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million bpd from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources. Trump's threats come amid renewed concerns about oil demand and some analysts expect faltering economic growth in the second half of the year. JPMorgan said on Tuesday the risk of a U.S. recession was high. Also, China's July Politburo meeting signalled no more policy easing, with the focus shifting to structural rebalancing of the world's second-largest economy, the analysts said.
