Latest news with #post-Ukraine
Time of India
a day ago
- Business
- Time of India
Oil, inflation not immediate worries
NEW DELHI: Govt is drawing comfort from its diversified oil purchases but is keeping close tabs on the situation in the Strait of Hormuz, which accounts for nearly a fifth of global oil consumption, in the wake of the US attack on Iran. The Strait - which serves as the primary export route for Persian Gulf producers such as Saudi Arabia, the UAE and Iraq - is crucial not just for crude supply - but also cargo headed to West Asian markets. Amid the threat of disruption by Iran, govt sources indicated that other routes will be explored. With Brent spiking to $90 a barrel, the margin of the oil companies selling petrol and diesel will get eroded but is unlikely to result in changes in pump prices due to the recent excise duty related changes. Although Opec may impact the overall calculations, India is estimated to have imported more oil from Russia this month than the combined quantity of shipments from West Asia. India's strengthening of ties with Russia on crude purchases post-Ukraine conflict are expected to come to its aid to ensure that there is no disruption, sources said. Beyond oil, there may be concerns on gas as large quantities come from the Gulf region. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Wrinkle Cream Keeps Selling Out At Costco (Find Out Why) The Skincare Magazine Undo Besides, the price of piped cooking gas and CNG are linked to these and may impact the overall cost dynamics for industry too. Given that retail inflation in May had moderated to an over six-year low of 2.8%, price increase is not an immediate worry, but its future trajectory will weigh on policymakers, apart from adding to the already high levels of geo-political uncertainty. For trade, war risk insurance is seen to be a challenge, including its availability and pricing. "Overall demand will take a hit. There is massive uncertainty," said Fieo director general Ajay Sahai. "Simultaneously, the situation in nearby Red Sea is deteriorating. Following Israeli airstrikes on Houthi forces on June 14-15, tensions have escalated, placing India's westbound exports at fresh risk. Nearly 30% of India's exports to Europe, North Africa, and US East Coast transit through the Bab el-Mandeb Strait, which is now increasingly vulnerable. If security conditions force shipping to reroute via the Cape of Good Hope, delivery times could increase by up to two weeks, sharply raising costs for Indian exporters," added Ajay Srivastava of GTRI, a trade research body. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Saudi Gazette
25-05-2025
- Politics
- Saudi Gazette
Trump's Riyadh visit: A signal of global recalibration
Before President Donald Trump's plane even touched down in Riyadh, the world stood at a decisive crossroads—caught between the prospect of dangerous escalations or the promise of long-overdue settlements that could end years of unrest across multiple regions. The recent era has been marked by instability—partly due to the diminishing clarity and strength of America's global role. The signs are everywhere: the grinding war between Russia and Ukraine, a heated escalation between India and Pakistan, and persistent volatility in Iran, Iraq, Syria, Palestine, and Israel. This vacuum has had consequences. Trump's visit to Saudi Arabia, however, reframed the equation. It signaled something more than symbolism — it carried the weight of intent. It told the world that the coming years of his political resurgence will likely be shaped by a strategy of resolution, not just reaction. From Riyadh, he announced a vision to reassert American influence with the aim of restoring balance — not through speeches, but through action. And he's capable of doing just that. Trump remains, with or without the presidency, a defining force in American politics. His alignment with Saudi Crown Prince Mohammed bin Salman, a statesman reshaping the region's future, is not just political chemistry — it is geopolitical convergence. Their cooperation could recalibrate not only regional dynamics but also the global order. This visit is not an electoral maneuver. It is the calculated move of a figure who understands that the Middle East remains at the heart of global stability. Even outside the White House, Trump retains the power to shape narratives and priorities. His presence in Riyadh sends a clear message: Saudi Arabia is not just a player in the region — it is the cornerstone. From Iran and Gaza to Syria and oil markets, the Kingdom's role is central to every major balance. At a time when Gaza is inflamed, Iran is emboldened, Syria is in flux, and the West is questioning its footing post-Ukraine, the timing of the visit is far from coincidental. It is deliberate — and strategic. The US-Saudi relationship is not transactional, nor is it dictated by any single administration. It is a long-standing partnership rooted in shared security, mutual interests, and an understanding of the region's complexities. Still, one cannot ignore that Trump's administration treated Riyadh not as a subordinate, but as a central pillar in the regional equation. There was a clarity in engagement, a respect for sovereignty, and a practical support for Saudi Arabia's developmental ambitions. In times of global transition, certain signals matter more than statements. Trump's arrival in Riyadh may well be remembered as a moment that repositioned the region — not by force, but by influence.
Leaders
26-04-2025
- Politics
- Leaders
Saudi Arabia Steps in to Ease India-Pakistan Tensions: Report
Saudi Arabia is actively working to ease India-Pakistan tensions after a fatal attack in Kashmir killed 26 tourists, a senior Saudi official told AFP. Nuclear-armed neighbors India and Pakistan exchanged cross-border fire after Tuesday's attack in Pahalgam. New Delhi accused Islamabad of involvement, but Pakistan denied responsibility. The UN urged both nations to exercise 'maximum restraint.' Kingdom Urges Dialogue to Prevent Escalation 'The Kingdom urges dialogue to prevent escalation between India and Pakistan,' the Saudi official stated. 'Both are allies, and stability remains our priority.' Saudi Foreign Minister Faisal bin Farhan held separate calls with Indian and Pakistani diplomats Friday. He discussed de-escalation strategies and regional developments, his office confirmed. Kashmir split between India and Pakistan in 1947, with both nations claiming full sovereignty, fueling decades of conflict. Indian Prime Minister Narendra Modi cut short a Saudi visit after the attack. Riyadh recently hosted U.S.-Russia talks to mend ties post-Ukraine war. Additionally, it facilitated discussions on Sudan's conflict and Lebanon-Syria border disputes, solidifying its global peacemaking influence. As a trusted regional power, Saudi Arabia's intervention highlights its strategic diplomacy to stabilize ally relations and curb broader geopolitical risks. Short link : Post Views: 1 Related Stories
Sky News
26-02-2025
- Business
- Sky News
Five years on from BP's ambitious pledge, the climate has changed in every sense
Five years ago, BP's chief executive did something very unusual for the boss of an oil and gas company - he pledged to produce less oil and gas. Standing in front of the slogan "reimagine", scrawled freehand and lowercase in a shade of green, Bernard Looney, the lean and charismatic then-leader of the British-based oil giant, announced that BP"would become a very different kind of energy company." His pitch was striking and very much of the moment. A multinational that began as the Anglo-Persian Oil Company in 1909 would move away from its core products, cutting annual oil production, investing in renewable energy, and even suggested leaving some of its assets in the ground, unexploited. The aim, Mr Looney said, was to make BP net-zero by 2050, and to help the world do the same, an aspiration environmental campaigners never dared to imagine they would hear from a fossil-fuel giant. For all the styling, this was not an altruistic move from Looney and the BP board. With global leaders signed up to cutting carbon emissions and consumers increasingly enthusiastic about the alternatives, they saw money in the pivot to alternative sources. 2:15 COVID, only just beginning its circumnavigation of the globe when Looney got to his feet in February 2020, may have reinforced faith in his bet, as skies went quiet and commuters stayed at home. One fundamental question remained unanswered: Could BP continue to fund the dividends and return to shareholders by which markets, not activists, judge oil majors, and on which many investors depend for retirement funds to thrive? Five years on the answer is no, and the climate has changed, in every sense. Mr Looney is gone, dismissed for being a little too charismatic in undisclosed relationships with employees, and his successor, Canadian Murray Auchincloss, has seen the wind turn against his company and its chosen course. COVID was followed by the Russian invasion of Ukraine and a spike in energy prices that delivered a windfall to oil and gas majors and their shareholders. BP delivered a profit of $13.8bn but comparison with its competitors, notably Shell, is unflattering. Its share price has lagged as oil and gas have proved both cheaper and more profitable than wind and solar in an inflationary environment. Its debts meanwhile have grown, swollen by borrowing to fund major investments in renewables, while Shell's have been cut courtesy of post-Ukraine profits. With investor sentiment turning, accelerated by activist fund Elliott, which has built a reported 5% stake, Mr Auchincloss has slammed on the brakes. Under pressure after five quarters of unreliable revenue, profit and debt forecasts, he is taking British Petroleum back to petroleum. Back to basics The contrast with Mr Looney's strategic reset could not have been more marked. Speaking on a webcast with only a small in-person audience, the sober Mr Auchincloss stood next to a new slogan: "Growing shareholder value", in a mixed-case, formal typeface. His analysis was equally clear: "In 2020 we made some bold strategic changes, accelerating into the energy transition while progressively reducing our hydrocarbon business. "We then saw COVID, the war in Ukraine, a recession and the shift in attitudes of markets and governments have a fundamental impact on the energy system... Our optimism for a fast (energy) transition was misplaced, and we went too far, too fast." His alternative can be summarised as back to basics. Oil production will increase, almost to 2019 levels, and capital investment will be focused on oil and gas, 75% of it on "upstream" extraction, and less than 5% spent on renewables. Mr Auchincloss's case is that oil and gas will be in "robust" global demand until 2035, and his message to shareholders is he intends to exploit it for their benefit. No consensus Not all shareholders agree, with 48 UK investors demanding a vote on the reset, and the UK Sustainable Investment Finance Association denouncing it as a retrograde turn away from the energy of the future that could leave BP saddled with stranded assets. Coming on the same day the UK government's Climate Change Committee painted a picture of an inexorable transition to low-carbon energy, driven by electrification of home heating, cars and industry, it is an unsentimental bet on the carbon status quo, and on short-term returns. By the 2040s, say the CCC, electric vehicles will be so ubiquitous that petrol stations will be hard to find.
