OIL EXPORT STATISTICS
Charting the Global Economy: War pushes up prices, dents growth
The Iran war is fueling a global inflation wave, prompting the European Central Bank to raise interest rates for the first time in nearly three years.
India's Russian oil imports rise in May as refiners boost purchases
India continued its strong demand for Russian fossil fuels in May. The nation emerged as the second-largest buyer globally, importing hydrocarbons worth 5.8 billion euros. Crude oil formed the bulk of these imports, with refiners significantly increasing their purchases from Russia. This trend highlights India's strategic energy sourcing amidst global shifts.
Suez Canal sees oil tanker surge amid Strait of Hormuz disruption
Egypt's Suez Canal saw a significant rise in oil tanker traffic and revenue in April. This surge is linked to the closure of the Strait of Hormuz, forcing ships to use the Red Sea route. Broader vessel traffic also increased. This unexpected boost benefits Egypt's foreign exchange earnings, though overall figures remain below pre-war levels.
ICRA sees Q4 growth slowing to three-qtr low of 7%
India's economic growth is projected to slow in the fourth quarter of fiscal year 2026. ICRA forecasts a 7% growth rate, down from the previous quarter. This slowdown is attributed to weaker industrial and services sector expansion. Agriculture is expected to see a slight improvement. ICRA also anticipates a full fiscal year 2026 GDP growth of 7.5%.
ICRA lowers India's FY27 GDP growth estimate to 6.2%
Rating agency ICRA has revised India's FY27 GDP growth forecast down to 6.2% from 6.5% due to elevated crude oil prices stemming from the West Asia crisis. For FY26, growth is estimated at 7.5%. Q4 FY26 GDP growth is expected to slow to 7% amid moderating industrial and services sectors, with merchandise exports contracting.
Soaring inflation and plummeting economy test Iran's ability to withstand war and US blockade
Iran faces severe economic hardship due to war and US sanctions. Prices for essentials like food and medicine have surged. Job losses and business closures are widespread. The nation's currency has significantly devalued. Ordinary Iranians bear the brunt of inflation and poverty. Leaders urge public endurance for the war effort.
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China's April producer inflation at 45-month peak on energy price shock
China's producer prices surged 2.8% year-on-year in April, reaching a 45-month high driven by gains in commodity sectors like non-ferrous metals and oil. Consumer inflation also accelerated to 1.2%, fueled by rising gasoline and gold jewelry prices. This external price shock adds pressure to manufacturers amid weak domestic demand.
ET Prime Special Series: Multibagger or IBC - Part 57: Forging firm that supplies Tata, M&M, JCB. Nobody talks about it enough
For over four decades, one company has been making crankshafts quietly and precisely, supplying customers from Tata Motors to Liebherr to Mahindra. The trouble is: Crankshafts are irrelevant in a battery EV. The company says the EV impact on its heavy-duty components is limited because trucks, tractors, and off-highway vehicles will not electrify as quickly as passenger cars. This is the story of a highly profitable forging company with a nearly 30% EBITDA margin, which is embarking on a fresh capex plan.
Why US stock market Dow Jones, S&P 500 and Nasdaq are surging big today: Dow jumps 350 points, Nasdaq jumps 250 points as Intel hits all-time high driving the rally
US stock market surges today: why Dow Jones, S&P 500, and Nasdaq are rallying sharply despite global tensions? The Dow Jones Industrial Average jumps over 350 points. The S&P 500 pushes to fresh highs. The Nasdaq Composite climbs nearly 250 points. Crude prices dropped sharply, with WTI falling around 3%. Companies like Pfizer and Anheuser-Busch delivered stronger-than-expected results. Apple, Amazon, and semiconductor stocks are pushing higher.
China's factory activity expands more as Iran war risks mount
China's factories saw growth for a second month in April. Exporters are shipping goods early, fearing higher costs from the Iran conflict. New export orders reached a two-year high. However, rising energy prices pose future risks. Domestic demand remains weak, making exports crucial for China's economy. The manufacturing sector shows resilience to external shocks.
UAE, Saudi Arabia bypass Hormuz to boost crude supplies to India
India’s crude imports fell as West Asia disruptions hit supplies, with average intake dropping to 4.4 million barrels per day in April 1–26, about 15% below February levels. However, steady flows from Saudi Arabia and higher shipments from the UAE helped offset some of the shortfall, alongside renewed imports from Iran and Venezuela and continued purchases from Russia.
‘Iran is just the excuse, China is the target’: Viral video explains why the conflict’s real focus is Beijing, not Tehran
Rising US-Iran tensions fuel a debate. A viral post suggests China, not Iran, is the real target. This centers on disrupting China's oil supply and maintaining US dollar dominance. India faces potential fuel price hikes due to the Strait of Hormuz's importance. Policymakers work to cushion impacts amid global power struggles.
Welcome to the age of energy shocks: The unsettling future view that Iran's Hormuz playbook shows
Iran war: In today’s rapidly evolving energy scene, crises have become the new norm, frequently disrupting oil and gas supply chains. The geopolitical landscape and logistic complications have prompted a notable shift, positioning Asia and the US as pivotal players in energy production and trade.
India can grow above 7 pc even if crude oil costs USD 90-100/barrel: Assocham
India's economy shows resilience to high oil prices. Consumption drives growth, allowing over 7 percent annual expansion even with crude oil at USD 90-100 per barrel. Historical data supports this trend. Assocham predicts continued strong growth above 7 percent through 2026-27. This outlook contrasts with some international forecasts predicting moderation.
‘America’s petro-imperialism in Iran has already hiked US fuel cost by $20 billion’
Jeff D. Colgan highlights the economic toll of the Iran war on American households. He explains how US military actions against oil-producing nations are linked to global oil markets. The discussion covers 'petro-imperialism' versus 'petro-consumerism'. Profits from higher oil prices benefit some producers, while major oil companies face complex challenges. The shift in US oil export status influences foreign policy.
China says economy grew 5% on-year in Q1, beating forecasts
China's economic growth topped expectations in the first quarter of the year, official data showed Thursday, even as the global economy reels from the fallout of war in the Middle East. NBS data also showed Thursday that retail sales grew 1.7 percent on-year in March, missing a Bloomberg forecast of 2.4 percent.
Global Markets | Asian stocks track US rally on Iran peace push
Asian markets opened higher, mirroring Wall Street's positive trend. Hopes for further United States-Iran talks have boosted investor confidence. This optimism is also contributing to a decrease in oil prices. The broader MSCI Asia Pacific Index saw a significant increase. This development suggests a potential easing of global economic pressures.
Shaktikanta Das reveals how India broke a ‘Chakravyuh’ and 7 steps for businesses to navigate war storm
During a keynote speech, RBI ex-Governor Shaktikanta Das emphasised India’s remarkable ability to weather global storms. He referred to the nation's strategic tactics as a 'chakravyuh' maneuver, underscoring the significance of focused fiscal and monetary policies. The strength of India's economy is reflected in its impressive GDP growth, supported by innovations in technology, solid infrastructure, and thriving internal demand.
Beijing tightens export curbs on refined oil: Report
The world's second-largest economy is the top importer of crude oil, with its refining operations mainly serving the country's massive domestic market.
July goods exports up 7.2%; trade gap hits 8-month high
India's goods exports saw a 7.2% increase in July, reaching $37.24 billion after two months of decline. However, a surge in imports, driven by oil and gold, led to a significant trade deficit of $27.35 billion, the highest in eight months.
Oil prices eye worst weekly fall since March on demand fears
On Friday, Brent futures were down 47 cents, or 0.56%, at $83.60 at 1411 GMT, while U.S. West Texas Intermediate crude futures were down 55 cents, or 0.67%, at $81.76.
Saudi Arabia GDP grows 9.9% in Q1, beating flash estimate
This is the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor, said Monica Malik, chief economist at Abu Dhabi Commercial Bank. "This growth is due to the high increase in oil activities by 20.3%," the General Authority for Statistics said.
Saudi Arabia's imports from Turkey edge up in February
Imports from Turkey came to 24.5 million riyals ($6.53 million) in February, up from 14.1 million riyals a month earlier but still about 98% down year on year, data from Saudi Arabia's General Authority for Statistics showed on Sunday.
Saudi Arabia's economy shrank by 7% in Q2 showing depth of coronavirus hit
The world's largest oil exporter is facing its worst ever economic decline after the COVID-19 pandemic curbed global crude demand and measures to contain the coronavirus hurt domestic demand.
Saudi Arabia's oil exports plunge by nearly $12 billion year-on-year in May
Compared with April, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 1.6%, or about $160 million, the General Authority for Statistics said.
Saudi oil exports down by $12 billion year on year in April
Compared to March, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 23.5 per cent, or about $3 billion, the General Authority for Statistics said. Amid a drop in demand and oil prices, in the first quarter the value of Saudi Arabia's oil exports plunged by 21.9 per cent year on year to $40 billion.
Saudi Arabia's oil exports plunge $11 billion in first quarter
Brent crude prices fell more than 60% in the quarter hurt by the coronavirus pandemic and an oil price war between Saudi Arabia and Russia following the collapse in March of talks on further production cuts.
India emerges Dubai's top trading partner in January-March quarter
India has emerged as Dubai's top trading partner, achieving total trade of over $ 10 billion during the quarter ended March.
'India, Norway bilateral trade could cross $1 bn in 2008'
The bilateral trade between India and Norway could cross one billion mark this year, a Norwegian foreign trade statistics for the first quarter of 2008 showed.
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