South-West Asia

Confindustria, Italy's leading business lobby, forecast that the economy would grow by 0.5% in this year. This is a reduction from the 0.7% it had predicted in October. It also warned of'strong' 'downside risks' if the Iran conflict continues. The third largest economy in the Eurozone saw its gross domestic product rise by 0.5%, marking the third consecutive year of growth below 1%. Confindustria stated in its bi-annual report that the 0.5% growth scenario for 2026 was based on an "optimistic hypothesis" that?the conflict in Iran would be over by March's end. The business group warned that if the hostilities...

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

Donald Trump, the U.S. president, said on Monday that the United States had held talks with Iran in the last day and the two sides "had major points of agreement." He added that a deal to end the war could be reached soon. Trump said that his Middle East envoy Steve Witkoff, and Jared Kushner, his close adviser and son-in law had met with the Iranians Sunday. Discussions would continue Monday. We have had very intense discussions. We'll have to see how they go. We have major points of consensus, or almost all of them, as I'd say. Mr. Witkoff,...

The British government announced on Monday that the Iranian ambassador in the UK was summoned. Last week, an Iranian national and a British-Iranian dual citizen were arrested on suspicion of aiding Iran's spy services. Two men were accused in a London Court last week of 'being involved in gathering information from Iranian spy services and conducting reconnaissance of Jewish targets within?Britain over a five-week period in the summer of last year. The British Foreign Office said that "national security is our number one priority and we take the threats posed by Iran and those who follow its orders 'extremely serious."...

Despite the fact that the markets were bouncing and oil prices were near $100 a barrel due to the U.S./Israeli war against Iran, U.S. Energy Sec. Chris Wright said on Monday, at the CERAWeek conference in Houston, Texas. After the attacks in the Middle East on energy infrastructure and the closure of an important shipping channel, the world is experiencing one of its worst energy crises. The oil prices are at multi-year highs, and fuel prices in the U.S. have surged. This could cause problems for the Republican Party of President Donald Trump ahead of the midterm elections. The Trump...

Narendra Modi, the Prime Minister of India, said that the fundamentals of Indian economy were strong, and that the country had enough petroleum, fertilizers, and coal to weather the trade and energy disruptions brought on by the U.S. and Israeli 'war on Iran. The conflict, which started last month, has affected sectors ranging from air travel, shipping, and gas supplies. It also caused the Strait of Hormuz to be almost closed, which is a major conduit for 40% of India’s crude oil imports. Modi, the lower house of parliament, said that India had enough petroleum reserves, with strategic reserves exceeding...

Saudi Aramco has cut 'crude oil supply' to Asian buyers in April for a second month,>>,>>,>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>?two sources?knowing the situation? said on Monday. This is after the U.S./Israeli war against Iran disrupted the trade via the Strait of Hormuz. Sources said that the producer will only supply 'Arab Light crude from the Red Sea port of Yanbu in April to customers on a term basis. This is to limit supplies to Asian refineries and to cap their output. Aramco couldn't be reached immediately for comment outside office hours. Kpler data shows that Saudi Arabia exported 4.355 millions barrels of crude per...

According to the preliminary results from 'the state election commission', based on?the most votes?counted?, the right-leaning Slovenian Democratic Party and liberal Freedom Movement were tied at Sunday's parliamentary elections in Slovenia. Even with their existing coalition partners, neither party appeared likely to win the 46 seats required for a majority of the 90-seat Parliament. This makes smaller parties who cross the 4% threshold potentially kingmakers. SDS won 28 seats. Based on 99.45% counted votes, GS was in a close race with SDS. With the support of the other parties, GS, led by the incumbent Prime Minister Robert Golob, would have...

The British government announced that Prime Minister Keir starmer will chair an urgent meeting on the economic impact of the war in Iran, on Monday. Finance minister Rachel Reeves, and Bank of England Governor Andrew Bailey are expected to attend. Investors should prepare for another turbulent?week on the financial markets, after Iran warned that it would 'hit the energy and water system?of its Gulf neighbours' if U.S. president Donald Trump followed through on his threat to strike Iran’s electricity grid. The British are watching this situation with particular concern. The high level of inflation, the country's dependence on natural gas...

According to an academic analysis, the Patriot air defense system operated by the United States likely fired the missile that caused the pre-dawn blast in Bahrain which injured dozens and destroyed homes 10 days after the start of the war against Iran. Both Bahrain and Washington blamed the March 9 explosion on an Iranian drone. The Gulf kingdom reported that 32 people were injured, including some children, in the blast. U.S. Central Command stated on X on the day after the attack that an Iranian drone had struck a residential area in Bahrain. Bahrain acknowledged on Saturday, in response to...

Saudi Arabia informed Iran's military attache and his aide, as well as three members of the embassy, that they must leave the kingdom within 24 hours of being declared persona grata. The Saudi Foreign Ministry cited what it called continued Iranian attacks against Saudi territory. Saudi Arabia has been attacked by hundreds of Iranian missiles and drones, most of which were intercepted. In a press release, the?ministry stated that continued Iranian attacks will?lead?to further escalation and "significant consequences" on current and future relationships. Saudi Arabia's foreign minister stated on Wednesday that the kingdom reserves the right to use military force...

Japan will'start releasing oil from their stockpiles? on Monday in order to ease the shock of the?U.S. - Israeli?war against Iran. This is a stark reminder to the oil crisis that occurred half a century earlier, which prompted Tokyo to build reserves. Tokyo announced that it would release 80 million barrels of crude oil to Japan, which is enough to last the nation for 45 days. The war in the Gulf has disrupted supplies through the Strait of Hormuz. The Japanese government has instructed the country's refineries to use the crude oil released, which will reduce national reserves by 17%...

White House Press Secretary Karoline L. Leavitt stated that the United States issued a stern warning on Wednesday to Iran, saying President Donald Trump would strike 'harder' if Tehran refused to accept they had been "defeated militaryly". "President Trump is not a bluff, and he's prepared to unleash hell." Leavitt, in a briefing to reporters, said that Iran shouldn't?miscalculate" again. She said that if Iran does not accept the present reality, or if it fails to understand they are militarily defeated and will remain so, President Trump will make sure they get hit harder than they ever have before. The...

U.S. president Donald Trump asked allies to help'secure the Strait of Hormuz' as Iranian forces 'continued attacks on this vital waterway during the U.S. and Israeli war against?Iran in its third week. Trump claimed that his administration has already reached out to seven countries but refused to name them. In an earlier post on social media, Trump said he hoped China would join the effort, as well as France, Japan and South Korea. Iran effectively closed the Strait between Iran and Oman. This narrow passage of water has cut off a fifth global oil supply, the largest disruption in history....

Calculations showed that the proceeds from Russia's mineral extract tax, which is its largest tax item for crude oil production and the country's?largest taxable item, could almost double in March due to the global price rally induced by the conflict in the Middle East. The global oil benchmarks soared to $119 per barrel on Monday, the highest level since June 2022. This was due to supply cuts from Saudi Arabia and others producers, which stoked fears of a major disruption to global supplies. The price increase of crude oil, along with the natural gas that it produces, will benefit Russia's...

South Korea announced on Thursday that it would cap the domestic fuel prices starting Friday in order to combat an increase in energy costs resulting from the conflict?in the Middle East. South Korea, Asia's fourth largest economy and a country that relies on imported energy for its needs, is making this move to try to mitigate the impact of the Middle East oil crisis. South Korea has set the maximum wholesale gasoline price at $1.17 per liter. This is below Wednesday's 1,833 won. The price will be adjusted every two weeks in order to reflect the changes in oil prices....

Donald Trump hoped to reassure Americans on a visit to Kentucky and Ohio, Wednesday, that the rising prices of 'gasoline' were temporary. Republican colleagues worried that these increases were causing voter anxiety over the economy. Trump's first campaign trip since the U.S. and Israeli military operation against Iran began on February 28, was a successful one. He could use the trip to hone his economic message, and highlight his achievements ahead of the midterm elections in November. His fellow Republicans are defending a narrow?majority in both chambers of Congress. Trump's first remarks at his stop in Cincinnati, Ohio were centered...

The U.S. and Israel war against?Iran is likely to hit consumers hard across the United States' economic spectrum. This could undermine a key component of the economy that was?expected? to boom this year due in part because of a hefty income tax refund, low unemployment and rising asset prices. Analysts felt that both "spurs", of the U.S.'so-called K-shaped economic model, could maintain or even increase spending in the upcoming months. Wealth effects would lead better-off families and service industry workers to spend more, while windfall tax refunds due to 'new exemptions on overtime and tip income, helped hourly workers. Both...

A?representative of Wanhua Chemical said that the company has declared "force majeure" on its Middle East clients. According to an email sent by Wanhua to its customers and seen here, the 'force majeure' - a clause in a contract which relieves parties of their obligations due to a unforeseen event - took effect on March 7th. The letter said: "We face the'severe disruption of the shipping routes in Strait of Hormuz which makes?delivery unreasonably unsafe or impossible." According to traders, the petrochemical major sells its derivatives like isocyanates - a building block used in polyurethane for furniture, bedding and automobile...

Share markets are down on concerns that a U.S. - Israeli war against Iran is escalating and will lead to a squeeze on energy supplies around the world. Here are some?actions? that governments have taken?or? plan to take in order to lessen the impact the war has on their economies. SOUTH KOREAN PLANS FUEL CAPITAL South Korean President Lee Jae Myung announced on Monday that the government would be capping domestic fuel prices for nearly 30 years. The country will also look for sources ?of energy beyond supplies shipped via the Strait of Hormuz, and a 100 trillion won ($67...

Indonesia's Finance Minister?said? on Monday that the country will absorb the shock of a rise in oil prices by increasing the allocation to fuel subsidies and using the state budget. Indonesia has budgeted 381.3 billion rupiah (22.50billion dollars) for energy subsides and to compensate Pertamina, the state energy company and PLN, the utility company for their efforts to maintain some fuel and electricity prices at an affordable level. The budget is based on assumptions that Indonesian crude oil prices will average $70 per barrel in 2026 and the average rupiah rate of exchange for dollars will be 16,500. Oil prices...

South Korean President Lee Jae Myung announced on Monday that the government would cap domestic gasoline prices for the first time in nearly 30 years to contain a price spike after the Middle East conflict sent global crude oil prices sharply higher. At an emergency meeting to discuss the Middle East Crisis, Lee stated that the government would "boldly and swiftly" implement a maximum pricing system on petroleum products which have seen recent price increases. In his opening remarks, Lee stated that the current crisis is "a significant burden" on our economy which is heavily dependent on global trade as...

The U.S./Israel war on Iran caused a disruption in crude and feedstock imports from the Middle East, forcing several Asian refineries and companies to declare force majeure and cut back production. Asian steam crackers have declared force majeure on petrochemical deliveries to customers, despite sourcing more than 60% of their feedstock for naphtha from the Middle East. Three operators said they were reducing run rates in order to carry over some of the feedstock they have into next month. This will allow them to keep their plants operating and avoid shutting down even if they don't get enough imports. Two...

A government order revealed that India has invoked emergency powers to increase production of LPG in order to prevent a shortage after supply disruptions caused by the Middle East Crisis. Last year, the world's second largest importer of LPG consumed 33.15 millions metric tons of LPG. This is a mixture between propane and butane. About two-thirds (or 85-90%) of LPG is imported, and most of it comes from the Middle East. The order, issued late Thursday night, asked all oil refiners to "maximise their propane and butane supplies and use them for the production of LPG". The government has asked...