Latest news with #Puri
Time of India
3 hours ago
- Business
- Time of India
Oil prices to stay around $65/barrel: Hardeep Puri
New Delhi: Oil prices will hover around $65 per barrel as ample supplies are available in the market, Oil Minister Hardeep Singh Puri has said. 'My sense is that with more supplies becoming available, prices will be close to $65, not $80 per barrel,' Puri told an industry gathering on Friday. International benchmark Brent has been oscillating between $60 and $66 for a month amid increasing supplies from the producer group OPEC+ and rising demand uncertainties due to the US tariff war. High spare production capacity is weighing on the oil market, Puri said. 'Even when there are disruptions, the market knows that more supply is available,' he added, noting that one has to be 'intelligent' in using the opportunity provided by low oil prices. 'Obviously, when you have strategic reserves, you want to fill them up when the price is low.' The government has allocated ?5,600 crore in this year's budget to fill the nation's part-empty Strategic Petroleum Reserves (SPR). Puri said global supplies could further rise in the future if sanctions are lifted on Iran and Russia. 'I'm optimistic that, at some stage, the [sanctions] issue will be resolved. Iran will become a major supplier again,' he said, adding that Russia could also ramp up production. Iran accounted for a tenth of India's crude imports until 2018, when the reimposition of US sanctions shut it out of the Indian market. The US is currently renegotiating with Iran to strike a deal that would lift sanctions in return for Tehran's promise to halt its nuclear weapons programme.
Time of India
3 hours ago
- Business
- Time of India
Oil prices to stay around $65/barrel: Hardeep Puri
New Delhi: Oil prices will hover around $65 per barrel as ample supplies are available in the market, Oil Minister Hardeep Singh Puri has said. 'My sense is that with more supplies becoming available, prices will be close to $65, not $80 per barrel,' Puri told an industry gathering on Friday. International benchmark Brent has been oscillating between $60 and $66 for a month amid increasing supplies from the producer group OPEC+ and rising demand uncertainties due to the US tariff war. High spare production capacity is weighing on the oil market, Puri said. 'Even when there are disruptions, the market knows that more supply is available,' he added, noting that one has to be 'intelligent' in using the opportunity provided by low oil prices. 'Obviously, when you have strategic reserves, you want to fill them up when the price is low.' The government has allocated ?5,600 crore in this year's budget to fill the nation's part-empty Strategic Petroleum Reserves (SPR). Puri said global supplies could further rise in the future if sanctions are lifted on Iran and Russia. 'I'm optimistic that, at some stage, the [sanctions] issue will be resolved. Iran will become a major supplier again,' he said, adding that Russia could also ramp up production. Iran accounted for a tenth of India's crude imports until 2018, when the reimposition of US sanctions shut it out of the Indian market. The US is currently renegotiating with Iran to strike a deal that would lift sanctions in return for Tehran's promise to halt its nuclear weapons programme.
Time of India
5 hours ago
- Business
- Time of India
Oil prices to stay around $65/barrel: Hardeep Puri
New Delhi: Oil prices will hover around $65 per barrel as ample supplies are available in the market, Oil Minister Hardeep Singh Puri has said. 'My sense is that with more supplies becoming available, prices will be close to $65, not $80 per barrel,' Puri told an industry gathering on Friday. International benchmark Brent has been oscillating between $60 and $66 for a month amid increasing supplies from the producer group OPEC+ and rising demand uncertainties due to the US tariff war. High spare production capacity is weighing on the oil market, Puri said. 'Even when there are disruptions, the market knows that more supply is available,' he added, noting that one has to be 'intelligent' in using the opportunity provided by low oil prices. 'Obviously, when you have strategic reserves, you want to fill them up when the price is low.' The government has allocated ?5,600 crore in this year's budget to fill the nation's part-empty Strategic Petroleum Reserves (SPR). Puri said global supplies could further rise in the future if sanctions are lifted on Iran and Russia. 'I'm optimistic that, at some stage, the [sanctions] issue will be resolved. Iran will become a major supplier again,' he said, adding that Russia could also ramp up production. Iran accounted for a tenth of India's crude imports until 2018, when the reimposition of US sanctions shut it out of the Indian market. The US is currently renegotiating with Iran to strike a deal that would lift sanctions in return for Tehran's promise to halt its nuclear weapons programme.
Yahoo
5 hours ago
- Business
- Yahoo
Bipartisan event highlights Michigan's legislative divides, instead
MACKINAC ISLAND — In a new era of divided government, state lawmakers face a binary choice between bipartisan cooperation and gridlock. When they convened for the Detroit Regional Chamber's annual policy conference in the Straits of Mackinac, where two Great Lakes meet, they remained at loggerheads. Unlike past conferences in which legislative leaders have sometimes joined the governor for a big bipartisan policy announcement, that didn't happen this year. House Minority Leader Ranjeev Puri, D-Canton Township, described the current legislative session as uniquely unproductive. "I'm disappointed with the lack of progress," he said. Republicans control the Michigan House and Democrats hold a majority in the Michigan Senate. "You think that would be an ideal situation to find common ground," said Majority Leader Winnie Brinks, D-Grand Rapids. Legislative leaders pointed fingers at each other for inaction. Puri blasted Richland Township Republican House Speaker Matt Hall's leadership style. "It's an unserious approach that's going to lead to dangerous consequences," Puri said. Hall said Michigan voters can blame Democrats for a Mackinac Policy Conference that didn't feature a bipartisan bill signing ceremony on the island. The Democratic-led legislative session that came to an end last year has continued to hover over the current one, fueling tensions between the top Republican and Democratic leaders in Lansing. Bills that passed both chambers last session never made their way to Whitmer's desk, prompting the Michigan Senate to sue Hall for refusing to transmit the legislation. Senate Minority Leader Aric Nesbitt, R-Porter Township, called it an unfortunate start to the year. Brinks said she and Hall have had informal and infrequent conversations, adding that her continued invitations to sit down have gone unanswered. "It shouldn't be that way," she said. "It's absolutely a problem." Hall has defended his leadership approach during news conferences, touting policies in which House lawmakers from both parties have come together to support in one breath and singling out some Democratic lawmakers for criticism in another. During a Mackinac Policy Conference panel featuring all four legislative leaders May 29, Hall didn't take Brinks or Puri up on their personal pleas to meet. At one point, Puri held up his phone in front of the audience, saying he had his calendar pulled up to put a date to meet on the calendar. Hall told Puri he didn't need to, saying he's worked effectively with other Democratic lawmakers. Hall also said he has set an example for bipartisanship with Gov. Gretchen Whitmer, citing their Oval Office visit with President Donald Trump that preceded the announcement of a new fighter jet mission for Selfridge Air National Guard Base. Whitmer declined a request for an interview with the Detroit Free Press during the conference. But in her speeches, she emphasized her commitment to cooperating across the aisle. "This isn't a platitude. This is a philosophy," she said. Whitmer has long preached bipartisanship, but she faces a new dynamic in Lansing. For the first time during her tenure as governor, one political party controls one chamber of the Michigan Legislature and the opposite party controls the other. So far, lawmakers have sent four bills since this session began January to Gov. Gretchen Whitmer's desk for her signature: Changes to Michigan's minimum wage and paid sick leave laws and a pair of bills that adjusts the deadline for politicians and candidates to file their personal financial disclosures following hiccups with the online reporting system. Whitmer's governing approach isn't the only thing on the line, so is her marquee campaign promise to "fix the damn roads" if lawmakers reach a stalemate on road funding. But she suggested lawmakers may be close to an agreement. "We're inching closer to a deal," she said. Mackinac Policy Conference: Mike Duggan, Dan Gilbert chat about downtown Detroit and what Bill Clinton saw in 1991 The Michigan House passed a road funding plan in March that would depend on steep cuts, which Puri characterized as an austerity plan packaged as a road funding solution. Brinks has previously described it as a nonstarter. Hall has blasted Senate Democrats for not putting forward a road funding plan of their own. Brinks says Hall won't come to the table to negotiate. While lawmakers may leave potholes unfilled, they face another high-stakes test for bipartisanship during budget negotiations. The Michigan House hasn't passed a budget proposal yet, and Hall hasn't committed to passing one out of the chamber by July 1, the deadline lawmakers — including Hall —imposed on themselves to help schools plan for the next year before students return to class. Contact Clara Hendrickson at chendrickson@ or 313-296-5743. This article originally appeared on Detroit Free Press: Michigan Democrats say they want House Speaker to negotiate
Scroll.in
a day ago
- Politics
- Scroll.in
Delhi HC warns TMC MP Saket Gokhale of jail for failing to apologise to ex-diplomat
The Delhi High Court on Wednesday issued a show cause notice to Trinamool Congress MP Saket Gokhale asking why he should not be sent to jail for failing to issue a public apology to former diplomat Lakshmi Puri in compliance with the court's orders, Live Law reported. Justice Manmeet Pritam Singh Arora said that Gokhale, by failing to follow the order, was mocking court proceedings. The court has granted Gokhale a week to respond to the show cause notice, and said the matter will be heard next on September 3. In July 2024, the High Court ruled that Gokhale made 'incorrect, false and untrue' allegations about Puri, including claims that she had purchased property in Switzerland with disproportionate assets. Puri had sued Gokhale, alleging that his social media posts were 'defamatory, malicious and based on false information'. In its verdict, the court had ordered Gokhale to apologise in a leading English daily and on his X handle. He was also directed to pay Rs 50 lakh in damages. Gokhale subsequently sought to recall the July 2024 order, arguing that it was issued ex parte, or in his absence, after his counsel stopped appearing. Meanwhile, Puri approached the High Court to demand that the order be enforced. She also filed a contempt of court case against Gokhale for not complying with the order. In response, Gokhale's lawyer proposed submitting an apology in a sealed cover until his plea challenging the High Court's order was decided. However, Justice Anish Dayal on May 9 dismissed the request and ordered Gokhale to issue a public apology in two weeks – or by May 23. On Wednesday, Puri's lawyer pointed out that Gokhale was yet to comply with the court's order and should not be heard in the proceedings for the execution of the judicial directive until he apologises. Gokhale's counsel admitted the order had not been followed and no appeal was filed against the May 9 ruling. Puri's lawyer suggested appointing a local commissioner to publish the apology on Gokhale's behalf, but Gokhale's counsel argued the apology is personal and must be made by him. The court responded: 'How will I enforce the direction? You are saying that I cannot do this. There are two options. One is that you say you cannot do it. Two, I have to put you in detention…. I am putting you to notice. If you don't publish then we will issue orders of detention.' The judge also told Puri's lawyer that Gokhale was violating the court's direction and thus in his view he should be sent to jail, as appointing a local commissioner to carry out the task would not amount to compliance. On May 2, the court had declined to withdraw its order directing Gokhale to pay Rs 50 lakh. On April 24, the High Court had also directed that the Rajya Sabha MP's monthly salary of Rs 1.9 lakh be attached each month for failing to comply with the order to deposit Rs 50 lakh as damages. Puri, a former assistant secretary-general at the United Nations and wife of Union minister Hardeep Singh Puri, had filed the defamation case in 2021. She argued that her reputation was tarnished by Gokhale's 'reckless and false allegations' regarding an apartment in Geneva. Gokhale had questioned how Puri could afford the property on her income as a former Indian Foreign Service officer on deputation to the UN Conference on Trade and Development. He had also tagged Union Finance Minister Nirmala Sitharaman in his posts, calling for an Enforcement Directorate inquiry in the matter.
