Oil Crisis

Sri Lanka will receive two ships containing petrol and diesel this month and another in August, the Chairman of Lanka IOC, the subsidiary of Indian Oil Corporation, said on Saturday as it will give relief to the people facing fuel shortages.

Ministers from the G7 group stressed that they would not let the energy crisis derail efforts to fight climate change.

Long queues snaked around gas stations in Sri Lanka's commercial capital and its outskirts on Monday even though the island nation's government was scrambling to deliver fuel supplies and douse any unrest as it battles a devastating economic crisis.

Tight supply has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports.

Sri Lanka has reached out to several companies suggested by Russia's embassy in Colombo to buy crude oil, Energy Minister Kanchana Wijesekera said on Sunday, in an attempt by the debt-ridden island nation.

The already-elevated India's crude oil basket price is rising, with the average based on daily costs for June jumping to over $115 per barrel, compared to $109.51 in May and $102.97 in April.

Sri Lanka's central bank has secured foreign exchange to pay for fuel and cooking gas shipments that will ease crippling shortages, its governor said on Thursday, as the prime minister said supplies had been locked in for at least a month.

Ministers from the G7 group stressed that they would not let the energy crisis derail efforts to fight climate change.

The Paris-based IEA, a top energy watchdog, warned investors last year not to fund new oil, gas and coal supply projects if the world wants to reach net zero emissions by mid-century.

Even if the EU agrees to an oil ban in its next round of Russian sanctions, analysts said the impact could be tempered by demand from Asia.

David Gressly, the UN Resident and Humanitarian Coordinator for Yemen, said he hoped a donors conference held with the support of Netherlands in the Hague would quickly mobilise funds to avert a catastrophe on the Red Sea coast and its region.

Ukraine prepared to suspend the flow of some Russian gas today to Europe through a key transit point. It claimed battlefield gains over invading Russian forces, including the recapture of four villages around the second city of Kharkiv.

Crude prices had surged on Wednesday, with Brent climbing above $90 a barrel for the first time in seven years amid tensions between Russia and the West.

Oil edged lower on Friday as China's COVID-19 lockdowns weighed on the outlook for crude demand, although supply disruption fears as Western sanctions curb crude and products exports from Russia underpinned prices.

Oil prices rose in early Asian trade on Wednesday, extending gains from the previous session after China's central bank said it would support its economy.

Sri Lanka will receive two ships containing petrol and diesel this month and another in August, the Chairman of Lanka IOC, the subsidiary of Indian Oil Corporation, said on Saturday as it will give relief to the people facing fuel shortages.

Ministers from the G7 group stressed that they would not let the energy crisis derail efforts to fight climate change.

Long queues snaked around gas stations in Sri Lanka's commercial capital and its outskirts on Monday even though the island nation's government was scrambling to deliver fuel supplies and douse any unrest as it battles a devastating economic crisis.

Tight supply has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports.

Sri Lanka has reached out to several companies suggested by Russia's embassy in Colombo to buy crude oil, Energy Minister Kanchana Wijesekera said on Sunday, in an attempt by the debt-ridden island nation.

The already-elevated India's crude oil basket price is rising, with the average based on daily costs for June jumping to over $115 per barrel, compared to $109.51 in May and $102.97 in April.

Sri Lanka's central bank has secured foreign exchange to pay for fuel and cooking gas shipments that will ease crippling shortages, its governor said on Thursday, as the prime minister said supplies had been locked in for at least a month.

Ministers from the G7 group stressed that they would not let the energy crisis derail efforts to fight climate change.

The Paris-based IEA, a top energy watchdog, warned investors last year not to fund new oil, gas and coal supply projects if the world wants to reach net zero emissions by mid-century.

Even if the EU agrees to an oil ban in its next round of Russian sanctions, analysts said the impact could be tempered by demand from Asia.

David Gressly, the UN Resident and Humanitarian Coordinator for Yemen, said he hoped a donors conference held with the support of Netherlands in the Hague would quickly mobilise funds to avert a catastrophe on the Red Sea coast and its region.

Ukraine prepared to suspend the flow of some Russian gas today to Europe through a key transit point. It claimed battlefield gains over invading Russian forces, including the recapture of four villages around the second city of Kharkiv.

Crude prices had surged on Wednesday, with Brent climbing above $90 a barrel for the first time in seven years amid tensions between Russia and the West.

Oil edged lower on Friday as China's COVID-19 lockdowns weighed on the outlook for crude demand, although supply disruption fears as Western sanctions curb crude and products exports from Russia underpinned prices.

Oil prices rose in early Asian trade on Wednesday, extending gains from the previous session after China's central bank said it would support its economy.