Category: Beyond

Categories
Beyond

India backs record IEA oil reserve release

India has said it is ready to support global oil markets after the International Energy Agency (IEA) announced a record release of oil from emergency reserves to ease supply concerns and stabilise prices.

The IEA said its member countries would release around 400 million barrels of oil from their strategic petroleum reserves. The move is aimed at increasing supply in global markets and reducing pressure on oil prices, which have risen due to supply disruptions and geopolitical tensions.

The Government of India said it is closely monitoring developments in international energy markets and supports efforts to ensure stability in global oil supplies. Officials said India stands ready to take suitable steps if required to help maintain market balance, though no specific measures have been announced so far.

The emergency release comes as tensions in parts of the Middle East have raised concerns about disruptions to oil supply routes. These concerns have pushed up global crude prices and increased uncertainty in energy markets.

According to the IEA, the coordinated release of oil reserves is the largest in the organisation’s history. Member countries will release oil based on their individual capacities and national conditions to ensure markets receive additional supply in the coming months.

Although India is not a full member, it works closely with the IEA as an associate member and participates in discussions on global energy security. As one of the world’s largest oil importers, India is highly sensitive to changes in global oil prices and supply disruptions.

Officials said India continues to strengthen its own strategic petroleum reserves and diversify its sources of crude oil imports to improve energy security.

Experts believe the large reserve release could help calm markets in the short term by increasing available supply. However, they also note that long-term stability will depend on how geopolitical tensions evolve and whether key global oil supply routes remain stable.

Also Read: Reliance silent after Trump’s $300bn refinery claim

 

Categories
Beyond

Gold rises to ₹1,63,320, silver slips to ₹2,89,900

Gold prices in the domestic market edged up slightly on Thursday, while silver declined, as global currency movements and geopolitical concerns influenced bullion trading.

The price of 24-carat gold increased by ₹10 to ₹1,63,320 per 10 grams, whereas silver fell by ₹100 to ₹2,89,900 per kilogram in early trade.

Market analysts said the strengthening of the US dollar has put pressure on precious metals globally. A stronger dollar typically makes commodities priced in the currency more expensive for international buyers, which can limit demand and cap price gains.

At the same time, ongoing geopolitical tensions in the Middle East have continued to support gold’s appeal as a safe-haven asset. Investors often turn to gold during periods of global uncertainty, helping keep prices relatively firm despite currency pressures.

In international markets, gold prices have shown limited movement as traders remain cautious ahead of key global economic signals and interest-rate expectations. Higher interest rates tend to reduce the attractiveness of gold because the metal does not generate interest or yield.

Silver prices, which are more closely linked to industrial demand, witnessed a decline during the session. Market participants attributed the fall to profit-booking and softer demand outlook in some industrial sectors.

Despite the slight decline in silver, both precious metals are trading near historically elevated levels in India. Gold has been hovering around the ₹1.63 lakh mark per 10 grams in recent sessions, reflecting sustained investor interest amid global financial volatility.

Currency fluctuations have also played a role in domestic bullion prices. A stronger dollar and movements in the Indian rupee often influence the landed cost of precious metals in the country.

Any further escalation in international tensions could increase safe-haven demand for gold, while continued dollar strength may restrict significant upward movement in prices.

Also Read: Sensex falls 975 points, Nifty drops to 23,500

Categories
Beyond

Air India to add fuel surcharge as jet fuel costs rise

Air India has announced that it will introduce a fuel surcharge on flight tickets as rising aviation fuel prices push up airline operating costs. The surcharge comes amid global energy market volatility linked to tensions involving Iran in West Asia.

The airline said passengers booking domestic flights will have to pay an additional ₹399 fuel surcharge starting March 12. The same charge will also apply to flights to nearby South Asian destinations such as Nepal, Sri Lanka and Bangladesh.

For longer international routes, the surcharge will be higher. Flights to West Asia will see an additional charge of around $10, while routes to Southeast Asia and Africa will have surcharges ranging from $60 to $90, depending on the distance and route.

Air India said the move is necessary because of the sharp increase in aviation turbine fuel (ATF) prices in recent weeks. Fuel is one of the biggest expenses for airlines, and sudden price increases can significantly affect operating costs.

Global oil prices have been fluctuating due to the ongoing conflict in West Asia, which has raised concerns about energy supply and shipping routes. As a result, airlines are facing higher fuel bills and are adjusting ticket prices to manage the added costs.

The airline clarified that the surcharge will apply only to new tickets booked from March 12 onwards. Passengers who have already purchased tickets will not be affected unless they change their bookings or reissue their tickets.

Air India said it understands that the additional charge may affect travellers, but described it as a necessary step to offset rising fuel expenses and maintain operations.

Also Read: Reliance backs first new US oil refinery in 50 years

 

Categories
Beyond

Reliance steps up LPG output to support domestic supply

Reliance Industries plans to increase the production of liquefied petroleum gas (LPG) and divert natural gas from its KG-D6 fields to priority sectors in order to support India’s fuel supply. The move comes as global energy markets remain uncertain due to tensions in West Asia.

The company said it is working to maximise LPG output at its large refinery complex in Jamnagar, Gujarat. By optimising operations at the refinery, the company aims to ensure that adequate LPG is available for domestic use, especially for cooking gas supplies across the country.

At the same time, natural gas produced from the KG-D6 basin in the Bay of Bengal will be redirected to sectors that are considered essential. These include household LPG supply, compressed natural gas (CNG) used in vehicles, and piped natural gas connections for homes and businesses.

The decision follows government guidelines that prioritise these sectors when domestic gas supplies are tight. Authorities have been taking steps to ensure that households and critical services continue receiving fuel without disruption.

Energy markets have become volatile in recent weeks because of the ongoing conflict in West Asia, which has affected global fuel supplies and shipping routes. As India imports a significant amount of energy, any disruption in international markets can influence domestic availability.

Reliance said the steps are part of its efforts to support India’s energy security during a period of uncertainty.

Also Read: Gold at ₹1,62,390, Silver at ₹2,90,100

 

Categories
Beyond

Gold at ₹1,62,390, Silver at ₹2,90,100

Gold and silver prices remained firm in the domestic market on March 11, supported by steady demand from investors looking for safe-haven assets. Global uncertainty and geopolitical tensions have increased interest in precious metals, which are often seen as a hedge during volatile times.

In the bullion market, gold prices edged up by ₹10 to ₹1,62,390 per 10 grams, while silver gained ₹100 to trade at ₹2,90,100 per kilogram. The small rise indicates that prices are holding steady even near record levels, with investors continuing to buy despite high valuations.

Across major cities such as Delhi, Mumbai, Chennai and Kolkata, gold prices remained largely similar. 24-carat gold was trading above ₹1.62 lakh per 10 grams, while 22-carat gold was priced around ₹1.48–1.49 lakh per 10 grams, excluding GST and making charges. Silver prices also stayed elevated, reflecting strong global demand and price movements in international markets.

The geopolitical tensions in West Asia, particularly involving Iran and the United States, have pushed investors toward safer investment options like gold and silver. When uncertainty rises in global markets, demand for bullion often increases as investors look to protect their wealth from market volatility.

It is noted that fluctuations in global economic indicators, currency movements, and inflation concerns are influencing bullion prices. These factors have contributed to price volatility in recent weeks, even as the broader trend remains supportive for precious metals.

Investment experts from Tata Mutual Fund recommend that investors avoid making large purchases at once and instead follow a staggered investment strategy.

Also Read: Sensex falls 500 points, Nifty dips below 24,000

Categories
Beyond

Indonesia signs BrahMos deal with India

Indonesia has taken a major step in modernising its armed forces by signing an agreement with India to procure the BrahMos supersonic cruise missile system. The deal highlights closer defence ties between the two nations and comes amid growing regional security concerns.

Indonesian Defence Ministry spokesperson Rico Ricardo Sirait confirmed the agreement, saying the country is investing in advanced military technology to strengthen its capabilities, particularly in the maritime domain.

The BrahMos missile, jointly developed by India’s Defence Research and Development Organisation (DRDO) and Russia’s NPO Mashinostroyeniya, is known for its speed and precision. Capable of flying at three times the speed of sound, it can be launched from land, sea, air, and submarines, making it a versatile addition to Indonesia’s defence arsenal.

Indonesia is now only the second foreign buyer of the BrahMos system, after the Philippines. This move reflects the growing interest among Southeast Asian countries in advanced military technology as they navigate complex regional security challenges and protect their maritime territories.

While the exact cost of the deal has not been publicly disclosed, earlier reports suggested a potential range of $200–350 million. Details on the delivery schedule and specific missile configurations are yet to be announced.

For India, exporting BrahMos is part of a broader effort to expand its defence manufacturing footprint globally, supporting initiatives like “Make in India” while strengthening strategic partnerships across Asia. The sale to Indonesia underscores India’s growing role as a trusted supplier of advanced defence technology.

For Indonesia, acquiring BrahMos is a significant boost to its ability to defend its archipelagic waters. Military experts say the missile’s speed and precision will enhance the country’s deterrence capability and provide a stronger shield for its vast maritime borders.

Also Read: G7 warns as oil tops $110

Categories
Beyond

G7 warns as oil tops $110

The G7 ( Group pf 7) has signalled readiness to act as oil prices surged above $110 per barrel, following escalating tensions involving the United States, Israel, and Iran. Officials warned that the conflict could disrupt global energy supplies if fighting near the Strait of Hormuz continues, a key route for roughly one‑fifth of the world’s oil shipments.

The sharp jump in oil prices sent shockwaves through global stock markets. Major indices in Asia and Europe, including Japan’s Nikkei 225 and Hong Kong’s Hang Seng, fell steeply as investors worried about broader economic fallout from the energy squeeze.

During an emergency virtual meeting, G7 finance ministers said they were ready to take “necessary measures” to stabilise energy supplies. This could include tapping strategic oil reserves, though no immediate release was announced as further coordination with international partners is required.

Fatih Birol, head of the International Energy Agency, cautioned that global oil markets are under significant stress. Disruptions in production and shipping have heightened the risk of supply instability, he said, urging governments to monitor the situation closely.

The rise in oil prices is expected to increase fuel costs for consumers and add pressure on inflation, already a concern for many economies. Analysts warn that if the conflict continues, prices could climb even higher, affecting households and businesses worldwide.

The rise in oil prices is expected to push up fuel costs for consumers and add inflationary pressure in economies already grappling with uncertainty. Analysts caution that if the conflict continues, prices could climb further, affecting households and businesses worldwide.

Also Read: IMF Chief warns West Asia conflict could boost inflation

Categories
Beyond

Iran crisis affects LPG supply in major Indian cities

Rising geopolitical tensions in West Asia have begun to affect liquefied petroleum gas (LPG) supply in several Indian cities, disrupting availability of commercial cylinders used by restaurants, hotels and small food businesses.

Cities such as Bengaluru, Mumbai and Kolkata have reported delays in the supply of commercial LPG cylinders, raising concerns among the hospitality sector. Industry representatives said prolonged supply disruptions could affect operations of eateries and food outlets that rely heavily on LPG for daily cooking.

The supply pressure comes as global energy markets remain volatile due to the ongoing conflict in West Asia. India imports a significant portion of its LPG requirements from the Gulf region, making domestic supply vulnerable to disruptions in the international market.

To manage the situation, the central government has taken steps to ensure adequate availability of cooking gas in the country. The Ministry of Petroleum and Natural Gas has directed oil refineries to increase LPG production for domestic consumption.

Officials said the move is aimed at stabilising supply and preventing shortages in the domestic market. The government has also instructed oil marketing companies to prioritise household LPG supply over commercial demand to ensure that domestic consumers do not face any major disruptions.

In addition, authorities have extended the minimum waiting period for booking an LPG refill from 21 days to 25 days. The measure has been introduced to prevent panic buying and hoarding of cylinders during the current period of supply pressure.

Industry experts said commercial establishments are more likely to face short-term supply challenges as available LPG is redirected toward domestic consumption. However, the additional production ordered by the government is expected to ease the situation in the coming weeks.

The government is also exploring alternative import options to maintain steady LPG supplies. Officials said the situation is being closely monitored and further steps may be taken if required.

Also Read: Oil prices drop below $90, airline stocks rally

Categories
Beyond

Oil prices drop below $90, airline stocks rally

Global crude oil prices fell sharply on Tuesday, slipping below the $90 per barrel level after recent spikes caused by tensions in the Middle East. The decline came as market sentiment improved following signals that the conflict involving Iran could ease, reducing fears of major disruptions to global oil supply.

Comments from US President Donald Trump suggesting that the conflict could end soon helped calm markets. His remarks raised hopes that the situation may not escalate further, which led to a drop in oil prices and improved investor confidence.

The fall in crude prices triggered a rally in airline stocks, particularly in India. Shares of InterGlobe Aviation, the parent company of the airline brand IndiGo, rose sharply during the session. Budget carrier SpiceJet also saw its shares surge as investors reacted positively to lower fuel costs.

Airline companies are highly sensitive to movements in oil prices because aviation turbine fuel forms a large part of their operating expenses. When crude prices fall, airline fuel costs decline, which improves profitability prospects for the sector.

Crude prices had surged earlier amid fears that escalating tensions in the Middle East could disrupt supply from the region, one of the world’s largest oil-producing areas. At one point, oil prices had moved close to $120 per barrel, triggering concerns across global financial markets.

However, the recent decline in prices has brought relief to investors and several industries that depend heavily on fuel. Lower oil prices can help reduce operational costs for sectors such as aviation, transportation and logistics.

The drop in crude prices also lifted global equity markets. Major Asian indices, including Japan’s Nikkei 225, South Korea’s Kospi, and Hong Kong’s Hang Seng Index, traded higher as investors welcomed the easing energy price concerns.

Market experts say oil prices are likely to remain volatile as geopolitical developments continue to influence supply expectations. Any fresh escalation in the Middle East could quickly push prices higher again.

Also Read: Rupee falls to record low of 92.35 against dollar

Categories
Beyond

Rupee falls to record low of 92.35 against dollar

Rupee fell to a record low against the US dollar, touching 92.35 in recent trading sessions as global economic factors and rising crude oil prices put pressure on the currency.

In the interbank foreign exchange market, the rupee weakened sharply during the session and hit the new all-time low of 92.35 against the dollar. The fall reflects growing pressure on emerging market currencies amid global uncertainty.

One of the key reasons behind the rupee’s decline is the rise in international crude oil prices. India imports a large share of its crude oil requirements, and higher oil prices increase the country’s import bill. This leads to higher demand for dollars to pay for imports, which in turn weakens the rupee.

The strength of the US dollar in global markets has also contributed to the fall. Investors often move their funds to the dollar during periods of uncertainty, as it is considered a safer asset. As demand for the US currency rises, other currencies including the rupee tend to weaken.

Foreign fund outflows from Indian equity markets have further added to the pressure on the rupee. When foreign investors sell Indian assets and withdraw money from the market, demand for dollars increases, pushing the rupee lower.

Geopolitical tensions in West Asia have also influenced currency movements. Rising tensions in the region have led to volatility in global financial markets and a surge in crude oil prices, both of which affect the Indian currency.

However, the rupee showed a slight recovery in early trade on the following day. It opened stronger at around 92.11 against the US dollar, supported by some improvement in market sentiment.

Currency experts say the rupee may continue to remain volatile in the near term.

Also Read: Gold slips to ₹1.61 lakh, Silver falls to ₹2.79 lakh