The World Blog by humble servant.

India is negotiating with Russian state oil major Rosneft to increase oil supply to the country, Bloomberg reported on Monday citing sources. According to the article, Indian state oil companies and Rosneft are “collectively working on finalizing and securing new six-month supply contracts for Russian crude to India.” The companies include refiners Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum, as well as private processors Reliance Industries and Nayara Energy. They have not confirmed the report. Sources claim that the details on volumes and prices of these new deliveries, which will come on top of those that Russia already supplies to India, are still being negotiated with Indian banks which are to finance the deals. Some foreign oil traders have recently been hesitant to buy Russian crude due to the risk of facing secondary sanctions. The US and Britain earlier placed an embargo on Russian oil, while the EU agreed on a partial ban last week. India, however, has ste...

Inflation and the economy will be “extremely important” in determining voters' pick in the November midterm elections for more than half (51%) of Americans, according to a poll released on Sunday by ABC News and Ipsos. Conducted last week, the poll indicated a whopping 71% of respondents were unsatisfied with US President Joe Biden’s efforts to curb inflation and even more – 72% – displeased with his attempts to bring down gas prices. Economic issues – inflation, gas prices, and taxes – were the only issues aside from gun violence that more than 90% of respondents ranked as important in November’s election. Inflation was number one, with 21% of respondents listing it as their top issue, while the more general “the economy” came in second. Respondents also reported low levels of satisfaction regarding Biden’s handling of the post-Covid-19 economic recovery. 61% fully disapproved – an almost total reversal from March 2021, when 60% had approved of the newly-inaugurated president...

The Biden administration might let more sanctioned Iranian oil flow into global markets in an attempt to rein in fuel prices at home amid the run-up to the midterm elections in the US, according to a major independent crude trader. “If the midterms are dominated by the need to get gas prices lower in America, turning a somewhat greater blind eye to the sanctioned barrels flowing out is probably something you might expect to see,” Mike Muller, the head of Asia at Vitol Group, told Dubai-based Gulf Intelligence on Sunday. Gasoline prices have doubled in the US since President Joe Biden was inaugurated in January last year, according to last week’s data from the non-profit American Automobile Association (AAA). Global crude prices have been rallying in recent months, fueled by restrictions on Russian exports. On Monday, crude hit $120 a barrel as Saudi Arabia hiked prices for Asia. READ MORE: Global oil price jumps amid supply fears The Trump administration reimposed sanctions on Iran...

The United States has accused the Kremlin of trying to profit from plundered Ukrainian grain by selling it to drought-stricken countries in Africa, the New York Times reported on Sunday. According to the newspaper, in mid-May, the US warned 14 countries, mostly in Africa, that Russian cargo vessels were leaving ports near Ukraine laden with what a State Department cable described as “stolen Ukrainian grain.” Washington was echoing the Ukrainian government’s accusation that Russia had grabbed up to 500,000 tons of Ukrainian wheat, worth $100 million, since the start of its military operation. Kiev has claimed that much of that has been trucked to ports in Russian Crimea, then transferred to ships, including some under Western sanctions. According to the newspaper, “the American alert about the grain has only sharpened the dilemma for African countries, many already feeling trapped between East and West,” as they are struggling with a severe food crisis. As two major global breadbas...

US President Joe Biden has blamed Russia for another crisis, saying his country might not be able to generate enough electricity to meet consumer demand. He partially blamed the ongoing conflict in Ukraine. Bidendeclared an energy emergency on Monday, saying national security and quality of life are jeopardized by potential shortfalls in power supplies. He invoked the Defense Production Act – originally part of an industrial mobilization effort in response to the Korean War – to spur domestic production of solar panels and other forms of “clean” energy to boost power supplies. “Multiple factors are threatening the ability of the United States to provide sufficient electricity generation to serve expected customer demand,” Biden said in his emergency declaration. “These factors include disruptions of energy markets caused by Russia’s invasion of Ukraine and extreme weather events exacerbated by climate change.” Increased reliance on renewable energy sources has been blamed for disru...

Italian oil company Eni SpA and Spain’s Repsol SA could start shipping Venezuelan oil to Europe as soon as next month, Reuters reported on Monday. Washington believes Caracas will not benefit financially from these cashless transactions, and that the money will be used to pay Venezuela's debt, according to the report. The US, which has imposed economic restrictions on the Latin American nation, gave the green light to the two companies to resume shipments, Reuters says, hoping that the crude from the sanctioned nation can help Europe become less dependent on Russia. The volume of oil that Eni and Repsol will receive will not be large, Reuters said quoting its sources, which means the impact on global oil prices will be modest. The shipments will be allowed under a condition that the oil received “must go to Europe. It cannot be resold elsewhere,” Reuters said. Eni and Repsol, which have joint ventures with Venezuela’s state oil company PDVSA, can count crude shipments on unpa...

Morale among US President Joe Biden and his White House staffers is plummeting as the administration seems unable to solve an onslaught of challenges that have gripped the country, according to an article in Politico. The outlet claims to have spoken to five White house officials and Democrats “close to the administration not authorized to publicly discuss internal conversations,” who say that internal tensions in the White House have grown as aides engage in “finger-pointing” and panic over staff shakeups. “President Joe Biden and his aides have grown increasingly frustrated by their inability to turn the tide against a cascade of challenges threatening to overwhelm the administration,” wrote Politico. Among the hurdles, the article cited issues such as soaring global inflation, rising fuel prices, Russia’s offensive in Ukraine, the potential resurgence of the pandemic, abortion rights and Congress’ inability to pass sweeping gun legislation. Black US voters ditching Democrats in...

Western nations have mismanaged the global economy, and the entire world is now paying the price for their incompetence, Russian President Vladimir Putin said on Monday. He made the claim during an address ahead of the St. Petersburg International Economic Forum (SPIEF). The annual international event, which is hosted by Russia, is gathering for the 25th time this year. In a welcome address to participants, which was published a week before the beginning of the forum, the Russian leader noted that it was taking place at a turning point for humanity. “Many years of mistakes made by Western nations in their economic policy and the illegitimate sanctions have caused a global wave of inflation, disruption of established logistical and manufacturing chains, a surge in poverty and a deficit of food,” Putin said. Those challenges are also opportunities, the president added. He predicted that the current decade would become a time when Russia “asserts its economic sovereignty” by building ...

Saudi Arabia's oil and gas giant Saudi Aramco has unexpectedly raised its selling prices for Asia, sparking global concerns over tightening supplies. The world's largest oil exporter increased the official July price for its flagship Arab light crude by $2.10 a barrel from the June level, Aramco announced on Sunday. The hike was much larger than market expectations of a $1-$1.50 move, Reuters reports, citing market analysts. The Brent crude benchmark gained 42 cents above $120 a barrel at 09:15 GMT on Monday, while the US benchmark West Texas Intermediate (WTI) was up 35 cents, trading above $119 a barrel, nearing a three-month high. Earlier in June, OPEC member states and allied producers announced plans to boost oil output in the coming months by 648,000 barrels per day instead of the planned monthly increase of 432,000 bpd. This followed a global spike in prices during May, on concerns over Ukraine-related Western sanctions and their potential impact on Russian oil expor...

US President Joe Biden should axe his planned meeting with Saudi Prince Mohammed bin Salman this summer, House Intel Committee chief Adam Schiff told CBS’ “Face the Nation” on Sunday. The Saudi leader “should be shunned” for his alleged role in the 2018 murder of Washington Post journalist Jamal Khashoggi, the California Democrat said, adding “I wouldn’t shake his hand.” “This is someone who butchered an American resident, cut them up into pieces in the most terrible, premeditated way,” Schiff continued. “Until Saudi Arabia makes a radical change in terms of human rights, I wouldn't want anything to do with him.” The congressman dismissed the notion that Biden should visit Saudi Arabia in an effort to convince the market-leading OPEC nation to help lower oil prices, instead suggesting it posed a “compelling argument” for why the US should quit fossil fuels altogether “so we don’t have despots and murderers calling the shots.” Biden had insisted during his presidential campaign ...