Asia

Analysts at A95 Consulting Group reported late Monday that Ukraine's imports of diesel jumped 27% in March over February to a five-year-high of 577,000 tons, despite the difficulties associated with the war? in the Persian Gulf. After Russian missile attacks virtually destroyed Ukraine's refining capability, the country became?entirely reliant on imported fuel. It sourced supplies elsewhere in Europe. The consultancy stated in a report that "Importers operations in March were hindered by the effects of the war in the Middle East which made it extremely difficult to secure supplies." The report also stated that ORLEN, Poland's largest supplier, had suspended...

Iran and Israel exchanged attacks on Tuesday, as Tehran defiantly refused to reopen Strait of Hormuz or accept a ceasefire agreement on the eve of the deadline set by U.S. president Donald Trump for Tehran to comply with his demands. According to a source familiar with the plan, Iran rejected the U.S. proposal that was mediated by Pakistan. The plan called for an "immediate" ceasefire, the lifting of the effective blockade in the Strait of Hormuz, and then talks about a wider peace settlement to be held within 15 to 20 working days. IRNA, the official news agency, reported that...

The oil prices continued to rise on Tuesday as U.S. president Donald Trump increased his rhetoric against Iran and threatened stronger action if it failed to reopen the Strait of Hormuz - a major global oil transit chokepoint. Brent crude futures rose 57?cents or 0.5% to $110.34 a barge by 1202 GMT. U.S. West Texas intermediate crude futures gained $1.26 or 1.1% at $113.67. Trump has threatened to "rain hell" on Tehran for failing to meet his deadline to reopening the Strait of Hormuz by 8 pm EDT, Tuesday. Trump said that if no deal was reached, "they could be...

The head of the International Monetary Fund said on Monday that the war in the Middle East would 'lead to increased inflation and slower growth globally,' ahead of the upcoming?new forecast by the global lender next week. The conflict has caused 'the worst disruption to global energy supply ever', as millions of barrels of production have been shut down due to Iran's effective blocking of the Strait of Hormuz. This is crucial for shipping 1/5th of all oil and gas in the world. Kristalina Georgeieva, IMF managing director, stated that even if the conflict was quickly resolved, the IMF would...

A study found that the closure of the Strait of Hormuz and the subsequent?surge of global oil prices has brought financial windfalls for Iran, Oman, and Saudi Arabia. Other states, however, who lack alternate shipping routes, have suffered?billions of dollar losses. Iran closed the Strait, a route that accounts for a fifth or more of the global oil and gas flows. This was after U.S. airstrikes and Israeli strikes on Iran in February triggered a wider conflict. Later, it said that vessels with no U.S. and Israeli connections would be allowed to transit the Strait. Some tankers have managed to...

Saudi Arabia set its official selling price for May Arab 'Light' crude oil to Asia a record $19.50 per barrel above the Oman/Dubai benchmark, a $17 increase from the previous months, according to a document on pricing reviewed by on Monday. The price of Middle 'East oil is now the most expensive in the world, as the U.S./Israel war against Iran has limited shipping through Strait of Hormuz. This chokepoint accounts for about a fifth the world's supply. The exact date of a ceasefire or the resumption of oil exports through the Strait from Saudi Arabia and the United Arab...

On?Sunday?, Iranian drone attacks hit multiple targets in Kuwait. State?energy company Kuwait Petroleum Corporation reported fires and "severe damage" to some units. KPC stated in a press release that teams are working to contain fires at National Petroleum Company and Petrochemical Industries Company affiliates. KPC said earlier that a drone had attacked the complex housing the KPC headquarters and oil ministry in Shuwaikh. Kuwaiti state media, citing Kuwait's finance ministry, reported that an Iranian drone had allegedly 'hit an office complex of government ministries, inflicting significant material damage, but no injuries. Kuwait's Ministry of Electricity and Water said that two...

The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait....

Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with...

Senegal has banned all travel abroad by top officials and ministers that is not essential. The government warned of "extremely challenging" times as a result of the U.S./Israeli conflict with Iran, which will increase global oil prices, straining Senegal's budget. The price of Brent crude has soared and governments have been urged to act to reduce the negative effects. Senegal Prime Minister Ousmane sonko, speaking at a youth event on Friday night in Mbour, pointed out that oil is trading for about $115 per barrel, almost twice what was assumed to be the price in Senegal’s budget projections. He announced...

The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests...

Yale University's research claims that the leading Russian state oil companies Rosneft, and Gazprom, supported wartime camps to which more than 2,000 Ukrainian youths were sent. They allegedly provided funds and facilitated transportation, and also provided funding. This led some U.S. legislators to call for sanctions against these two firms. Yale School of Public Health Humanitarian Research Lab (Yale HRL) published the findings last week. They provide the first definitive proof of the companies' involvement in the systematic Russian campaign of deportation of children and indoctrination. It said that with the support of two energy giants approximately 2,158 kids were...

The 'index of the health of Japan’s economy' fell in February, according to a report released by the government on Tuesday. This reveals a weak spot - even before the Iran War. Recent private surveys also revealed an increase in bankruptcy in the house-painting sector. Small, mom-and pop operators, already struggling with severe competition and chronic labor shortages, have been affected by rising fuel costs and supply restrictions caused by the conflict. Data showed that the coincident index, which measures the state of the economy at the moment, fell 1.6 points in February, month-on-month, to 116.3. This was the first...

Satsuki Katayama, the Japanese Finance Minister, said that the country would remain in close contact with other countries of the Group of Seven. The Middle East conflict has caused concern about Japan's fiscal expansion. The yield curve for Japan's government bonds has risen this week. The 10-year JGB yield reached a 27-year-high of 2.43%. Meanwhile, the yen hovered near the psychologically significant 160-per dollar mark, which analysts warn may trigger a government intervention. Katayama, a G7 Finance Minister and Central?Banker, said that the sharp changes in oil prices and developments in the Middle East are having an impact on markets....

The Philippines' annual inflation rate increased more than expected in March. It breached the central bank's target range of 2% to 4.0%. This was primarily due to the sharp rise in 'fuel prices' amid the escalating Middle East tensions. In March, headline inflation was 4.1% higher than a year ago. This is significantly higher than the 2.4% in February and also above the median polled forecast of 3.7%. This is the highest reading of inflation since July 2024 when it was 4.4%. Inflation grew at the fastest rate since January 2023 - 1.4% on a monthly basis. This reflects a...

A spokesperson from India's Foreign Ministry said that the Maldives was seeking fuel supplies. India?is still shipping fuel to its neighboring countries?, she added. Randhir Jaiswal, at a press conference, stated that India is the world's?fourth largest refiner? and supplies fuel to Bangladesh, Nepal, Bhutan, and Sri Lanka. The government of Maldives also contacted us to supply petroleum products on a short-term as well as long-term basis. Jaiswal stated that the request from Maldives is being evaluated in light of our own needs and availability. According to World Bank statistics, the Maldives sources most of its fuel from Oman. The...

A government official said that Indian police seized 414 canisters of cooking gas hidden in a cemetery in Hyderabad and arrested people who were trying to sell the canisters on the black market. This was in response to shortages caused by 'the Iran War. The authorities have increased raids in order to reduce the hoarding and stockpiling of liquefied gas canisters, after the U.S./Israeli war on Iran caused shipping disruptions that led to shortages. India is the second largest LPG importer in the world. About 60% of India's LPG demand is met by overseas purchases. Sujata sharma, a senior official...

Asian governments spend billions in subsidies to protect consumers from rising oil prices due to the U.S. - Israeli war against Iran. Here are some steps that governments in Asia have taken to reduce the amount of oil coming from the Middle East. The Japanese government is 'using 800 billion yen (5.02 billion dollars) from reserve funds to finance subsides aimed at maintaining gasoline prices at around 170 yen per litre. This would cost up to 300 billion yen a month. SOUTH KOREAN In late March, the South Korean?budget?ministry proposed a supplementary budget of $26.2 trillion won to help low-income...

The New York Auto Show saw major automakers unveil new 'electric vehicles' on Wednesday, despite weak consumer demand and sales that have plummeted since Washington removed the $7,500 tax credit for EVs. Kia announced that it will'start selling its lower-priced EV3 to the United States in later this year. Subaru also offered a three-row EV called the "Getaway", which can seat seven. The Japanese automaker will launch its family EV SUV in the U.S. later this year or early next year. It is their fourth EV. The U.S. electric vehicle market is becoming more competitive, but the recent rise in...

Four sources said that Delcy Roddez, interim president of Venezuela, is preparing to take control of the U.S. subsidiaries owned by state oil company PDVSA, including Citgo Petroleum. The move could exacerbate a tug-of-war for control of the seventh largest U.S. refiner. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some names were not received well in Washington. The sources say that if the executives are approved by the Treasury, then the Office of Foreign Assets Control would issue a license. One of the sources said that Treasury...

Retail sales in the United States increased the most since'seven months' in February, as motor vehicle purchases recovered and temperatures rose. However, rising gasoline prices due to the Middle East war could limit spending in months ahead. Commerce Department's delayed report from?Wednesday indicated that the economy had been on a solid footing before?the U.S. and Israel war with Iran. The conflict that began at the end February has caused global oil prices to surge by more than 50%. This week, the average national retail gasoline price surpassed $4 for the first time since more than three year. Economists have warned...

In a Wednesday decree, the Argentine government announced that it would delay the implementation of tax increases scheduled for liquid fuels, carbon dioxide and other pollutants. This was done in response to the global instability brought about by the U.S./Israeli war on Iran. The decree stated that the move was intended to "support economic growth by sustainable fiscal measures". The decree also stated that the measure would delay the anticipated?tax increase on liquid fuels, carbon dioxide, and other gases for a month, to the end of April. The decree added that this is the second step taken by President Javier...

Tom Barkin, Richmond Federal Reserve Bank president, said that businesses continue to believe high oil prices are only a temporary disruption. There is little evidence yet to suggest they have caused consumers to cut back on their spending or changed public expectations of inflation in an alarming way. Barkin said on Tuesday that he had a "short-term" view of the situation based on his weekly credit card spending data and his conversations with executives on pricing, investments and other topics. "Gas expenditure is up, but other spending looks healthy," said Barkin. Barkin is not voting on interest rate policy for...

Fatih Binol, the head of the International Energy Agency, said that oil supply disruptions from the Middle East would?rise? in April. They will begin to?impact? the European economy because the Strait of Hormuz is closed. He added that more than 12 million barrels have been lost due to the attacks by Iran on energy?assets and the restrictions on shipping through Strait since the U.S./Israel war against Iran began. "The loss of oil in April will be double the loss of oil in March. On top of that, the loss of LNG... The loss of?oil in April will be twice as...