A global promise to shift from fossil fuels faces significant hurdles. Economic ties to oil and powerful industry lobbying impede progress. Political will is also a key factor. Despite these challenges, renewable energy sources are expanding rapidly worldwide, offering a glimpse of future change.

The Middle East conflict’s sixth week sees global energy markets reeling. Soaring crude prices offer windfalls to some Gulf producers like Iran and Saudi Arabia, despite export drops. Others, heavily reliant on the Strait, face severe revenue plunges. The disruption, following airstrikes on Iran, has led to significant oil supply shocks worldwide.

India’s economy shows resilience amidst global turmoil. SBI Research projects strong GDP growth between 6.8% and 7.1% for FY27. The nation navigates oil shocks from a position of strength. Domestic fundamentals provide a buffer. Potential risks like Super El Nino are noted. Inflation is expected at 4.5% with fiscal deficit around 4.5-4.6%.

India’s cooking gas use plunged 13% in March, hit by Middle East conflict-induced supply snags. While household needs were prioritized, commercial LPG consumption saw a drastic drop. Domestic production was boosted to compensate for import disruptions, though overall fiscal year LPG demand still grew. Jet fuel demand remained flat, but petrol and diesel consumption showed…

Under the proposed interim trade deal, the US has lowered tariffs on India from 50% to 18%. In August last year, Trump had imposed a 25% reciprocal tariff on India and an additional 25% penal tariff for India’s crude oil purchases from Russia.

Bangladesh is exploring a proposal to refine Russian crude oil in India before importing the finished fuel, aiming to ease supply pressures from the West Asia conflict. The Energy and Mineral Resources Division has requested approval to discuss a government-to-government agreement with India, as its local refinery cannot process Russian crude.