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China has acknowledged India's concerns regarding trade barriers and the growing trade deficit during recent discussions. Finance Minister Nirmala Sitharaman highlighted India's challenges in accessing the Chinese market for its products. The trade deficit with China widened significantly, reaching $105.93 billion in the first nine months of the year. India is striving to improve bilateral trade ties with China through negotiations and ongoing discussions.
Indian oil marketing firms are grappling with significant losses, facing Rs 26 loss per litre for petrol and Rs 30 for diesel. The turmoil in West Asia has led to skyrocketing procurement and freight costs, rising eightfold, which heavily influences overall expenditures. Compounded by interruptions in crude shipments from the Middle East, these conditions create ongoing financial strain, even as refining margins stay strong.
The United States plans to release 17 million barrels of crude oil from its Strategic Petroleum Reserve. This action aims to alleviate fuel price pressures amid disruptions caused by the war with Iran. The latest proposal is part of a broader international effort to stabilize energy markets announced in March. Despite earlier attempts yielding limited demand, the US continues to seek ways to increase global fuel supplies.
DP World CEO: Port Congestion, Container Shortage Are Adding To West Asia Woes