New Delhi: India's leading state-run oil marketing companies (OMCs) -- HPCL, IOCL, and BPCL -- on Thursday assured customers that petrol, diesel and LPG supplies remain stable across the country, while urging people not to rely on rumours or unverified social media messages regarding fuel shortages.
Taking to the microblogging platform X, Indian Oil Corporation (IndianOil), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) said fuel distribution networks are functioning normally with adequate stock availability and regular replenishment.
HPCL clarified that fuel and LPG supplies remain stable across Rajasthan, Karnataka and parts of Uttarakhand despite rumours of shortages and restrictions circulating on social media.
The company said all retail outlets in Rajasthan, including Jaipur, are operating normally with continuous replenishment and adequate fuel stocks.
According to HPCL, petrol supplies in Rajasthan increased 19 per cent between May 1 and May 20 compared to historical sales, while diesel supplies rose 24.5 per cent during the same period.
The company further dismissed reports regarding fuel shortages in Uttarakhand’s Augustmuni and Guptkashi areas, stating that nearby retail outlets currently have sufficient stock availability and no restrictions have been imposed on fuel sales.
Separately, HPCL said LPG supplies across Karnataka remain stable despite enforcement action against black marketing and irregularities.
The Karnataka government has seized 1,874 LPG cylinders and initiated cases against irregular activities as of May 19, 2026, the company said.
Similarly, IndianOil said its retail outlets across the country continue to maintain sufficient supplies of petrol and diesel to ensure uninterrupted availability for consumers.
"IndianOil’s network continues to ensure adequate Petrol (MS) and Diesel (HSD) supplies across the country. Drive responsibly, refuel calmly, and trust only verified information," the company said in a post on X.
Meanwhile, BPCL clarified that fuel availability at its retail outlet in Kaladhungi in Uttarakhand’s Nainital district remains normal and adequately positioned to meet demand.
The company said current fuel stocks at the outlet are sufficient to cater to nearly four days of regular sales requirements.
BPCL added that fresh replenishment supplies have also been received, ensuring uninterrupted availability of petrol and diesel.
Additionally, the OMCs requested customers to avoid panic buying and depend only on official communication channels for verified information regarding fuel supplies.
The IEA said India's demand for crude oil will rise by 1 million barrels/day in the forecast period (2024 to 2030), the largest increase for any country by far, driven by rapid urbanisation, relatively strong industrial growth, and a booming transportation sector. On the other hand, global demand is seen remaining in the slow lane, even contracting in 2030.
While subdued global growth prospects will weigh on demand, the most significant long-term factor, the IEA said, is the rapid shift to electric vehicles. To boot, work-from-home (WEH) practices are enduring in many parts. so, India's oll trade dericit is neaded higher over the medium to long run.
To tide over the current oil disruption, the government is trying to manage through austerity measures and moral suasion - pushing for WFH, to wit. Until recently, oil marketing companies and the government were absorbing the burden of higher oil prices. Now, it is being gradually passed on to the end consumer. A price signal to manage demand was sent recently when, in two tranches, petrol and diesel were made dearer at the pump.
As for supply, crude oil is being procured from alternative sources through deft diplomacy. The lifting of sanctions on Russian oil also helps. To manage demand in the medium to long term, diversification of supplies should continue, and strategic reserves need to be shored up. Prime Minister Narendra Modi, during his recent visit to the United Arab Emirates, signed a series of landmark agreements towards this. One of the pacts includes a strategic collaboration agreement between Indian Strategic Petroleum Reserves Ltd and Abu Dhabi National Oil Company to strengthen India's energy security.
Prioritising the use of available domestic energy sources is crucial for ensuring energy security and affordability in times of geopolitical flux. Curbing import dependence also requires a concerted push towards upstream exploration. To its credit, the government has begun moving in that direction. The recent reduction in royalty rates on crude oil and natural gas production is intended to encourage domestic exploration and improve investment visibility. The Samudra Manthan programme is aimed at deep-sea exploration of oil, gas and critical minerals. These need to be pursued on a war footing. But these initiatives have long gestation periods, often layered with uncertainties, so there is a need to simultaneously find additional, more certain, paths to reduce crude oil import dependence as well.
The newly announced target of 100 per cent ethanol blending, after already achieving 20 per cent blending, is a step in that direction. A sharper focus on developing better and more widespread EV infrastructure, along with more investment towards improving public transportation (high-speed rails, metro networks, etc), is also desirable.
Coal is the largest source of primary energy in India and import dependence on it is low, with domestic production meeting over 70 per cent of demand. While cleaner coal technologies can be adopted, coal-based power will continue to provide essential base-load capacity, given the intermittent nature of renewable energy. This approach will facilitate faster investments in renewables, particularly solar power, where India has already made significant progress. Additionally, accelerating the adoption of nuclear technology to reach a target of around 22 gigawatts (Gw) by 2031-32 should be a relentless quest.
With India's oil trade deficit set to become structurally larger in a business-as-usual scenario, ways to reduce import dependence must shift from a long-term aspiration to immediate, actionable priorities.
This is aligned with the goal of achieving Viksit Bharat 2047 through greater atmanirbharta.
As for supply, crude oil is being procured from alternative sources through deft diplomacy. The lifting of sanctions on Russian oil also helps. To manage demand in the medium to long term, diversification of supplies should continue, and strategic reserves need to be shored up. Prime Minister Narendra Modi, during his recent visit to the United Arab Emirates, signed a series of landmark agreements towards this. One of the pacts includes a strategic collaboration agreement between Indian Strategic Petroleum Reserves Ltd and Abu Dhabi National Oil Company to strengthen India’s energy security.
Prioritising the use of available domestic energy sources is crucial for ensuring energy security and affordability in times of geopolitical flux. Curbing import dependence also requires a concerted push towards upstream exploration. To its credit, the government has begun moving in that direction. The recent reduction in royalty rates on crude oil and natural gas production is intended to encourage domestic exploration and improve investment visibility. The Samudra Manthan programme is aimed at deep-sea exploration of oil, gas and critical minerals. These need to be pursued on a war footing. But these initiatives have long gestation periods, often layered with uncertainties, so there is a need to simultaneously find additional, more certain, paths to reduce crude oil import dependence as well.
Global oil markets remained on edge Wednesday as several supertankers carrying Middle Eastern crude oil began leaving the Strait of Hormuz after remaining stranded in the Gulf for more than two months amid escalating regional tensions.
Shipping data from the London Stock Exchange Group and Kpler showed that three supertankers carrying nearly six million barrels of crude oil departed the Gulf through a transit route reportedly ordered by Iran.
The development comes as shipping traffic through the strategically vital Strait of Hormuz continues to decline due to the ongoing conflict involving the United States, Israel, and Iran.
Among the vessels was the South Korean-flagged supertanker “Universal Winner,” carrying two million barrels of Kuwaiti crude oil loaded in early March. According to shipping data, the tanker is now heading to Ulsan in South Korea, where it is expected to unload its cargo by June 9.
Two Chinese supertankers also crossed the strait earlier Wednesday. One of them, the “Yuan Guiyang,” carrying two million barrels of Iraqi Basra crude and is expected to arrive at Shuidong Port in southern China on June 4. The vessel was reportedly chartered by Unipec, the trading arm of Sinopec.
Another tanker, the Hong Kong-flagged “Ocean Lily,” carried a combined cargo of Qatari Shaheen crude and Iraqi Basra crude. The vessel is expected to dock in Quanzhou Port in eastern China by June 5.
Last week, another giant tanker carrying Iraqi crude departed the strait for eastern China, while separate data indicated that the Cypriot-flagged tanker “Grand Lady” entered the Gulf without activated transponders and was later seen near Iran’s Larak Island.
Oil prices, however, fell sharply Wednesday after US President Donald Trump said the conflict with Iran could end “very quickly.”
Brent crude dropped 2.7 percent to $108.31 per barrel, while US West Texas Intermediate crude fell 2.6 percent to $101.46.
Despite the decline, analysts warned that prices could remain elevated due to ongoing uncertainty over Middle East supplies.
Analysts at Citibank projected Brent crude could rise to $120 per barrel in the near term, while consultancy Wood Mackenzie warned prices could approach $200 if the Strait of Hormuz remains largely closed for an extended period.
Meanwhile, the International Monetary Fund warned that the Middle East conflict is increasing pressure on the global economy through rising energy and food prices and growing inflation risks.
The IMF urged governments to avoid broad subsidy programs and instead adopt targeted and temporary support measures to protect vulnerable households without destabilizing public finances.
ADNOC CEO Sultan Al Jaber says the UAE is accelerating construction of the West-East Pipeline towards a 2027 completion target amid ongoing disruption in the Strait of Hormuz.
Reuters | 20 May, 2026
ADNOC CEO Sultan Al Jaber.
A new crude oil pipeline that bypasses the Strait of Hormuz and which the UAE began building last year is now 50 per cent complete, the CEO of ADNOC, Sultan Al Jaber, said on Wednesday.
Iran has largely kept the waterway critical for global oil and gas supplies shut to all ships apart from its own since the US-Israeli strikes in February, sending energy prices and inflation surging, fanning fears of an economic downturn.
The Abu Dhabi Media Office publicly revealed the project’s existence for the first time last week, saying the UAE will accelerate construction of a new oil pipeline to double its export capacity via the port of Fujairah by 2027.
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed directed ADNOC to fast-track the West-East Pipeline project during an executive committee meeting, the media office said.
“Today, it’s already almost 50 per cent complete, and we are accelerating its delivery toward 2027,” Al Jaber said during a live-streamed Atlantic Council event.
“Right now, too much of the world’s energy still moves through too few choke points. That is exactly why the UAE made the decision more than a decade ago to invest in infrastructure that bypasses the Strait of Hormuz,” Al Jaber said.
The existing Abu Dhabi Crude Oil Pipeline (ADCOP), also known as the Habshan-Fujairah pipeline, can carry up to 1.8 million barrels per day and has proved crucial as the UAE seeks to maximise exports from the Gulf of Oman coast, just outside the strait.
Al Jaber said some of ADNOC’s facilities had been directly targeted and some infrastructure directly hit and the assessment of damage was ongoing. It will take in some cases weeks and in others months to return to full operational capacity, he said.
Following the failed offshore wind tender, the industry association reports that it is good news that the Danish Energy Agency has received bids for both areas.
“The high prices of oil and natural gas we are seeing right now remind us of how vulnerable we are as long as we remain dependent on imported fossil fuels. A society where cars, district heating plants, and businesses run on green electricity is stronger, greener, and safer,” says Kristian Jensen. | Photo: Green Power Denmark
Industry association Green Power Denmark does not doubt that the recently closed offshore wind tender is a success as the Danish Energy Agency has received bids for both of the areas put up for tender.
“It has been a critical year and a half since the failed offshore wind turbine tender in December 2024, so this tender is a much-needed success. The upcoming offshore wind farms will supply large amounts of green electricity, which we need to power our electric society,” Kristian Jensen, CEO of Green Power Denmark, comments in a statement.
The areas in question are Nordsøen Midt and Hesselø, which have a combined capacity of at least 1.8 GW. The bidding deadline was Wednesday, May 20, to secure the right to build offshore wind farms with subsidies of up to DKK 15.7bn (EUR 2.1bn) for Nordsøen Midt and DKK 21.9bn for Hesselø.
“The high prices of oil and natural gas we are seeing right now remind us of how vulnerable we are as long as we remain dependent on imported fossil fuels. A society where cars, district heating plants, and businesses run on green electricity is stronger, greener, and more secure,” says Jensen.
The CEO expects that the upcoming offshore wind farms will give the Danish wind industry a boost, and he points out that thousands of employees in the industry, service companies, and ports will benefit from the investments.
But Kristian Jensen is already looking ahead. In a few years, the tender for yet another offshore wind farm in the North Sea – North Sea South – will follow, which is set to deliver at least 1 GW of offshore wind.
At the same time, policymakers have decided to build Energy Island Bornholm during the 2030s.
“We now need to start electrifying as much as possible. The incoming government should take the lead in forming an electric tripartite partnership with the business community and the energy sector. Together, we must push companies and help them along the way so they stop using oil and gas and switch to electricity instead,” says Jensen.
This article was provided by our sister media in Denmark, EnergiWatch.
English edit by Christian Radich Hoffman.
Presidential Office responds to rumors about a US request to Ukraine
Photo: President of Belarus Alexander Lukashenko and Russian leader Vladimir Putin (Getty Images)
Russia will lose absolutely nothing from the lifting of sanctions on Belarusian potash. Such a move would only play into the hands of Russian leader Vladimir Putin, stated Ukrainian presidential adviser Dmytro Lytvyn in a comment to journalists.
Lytvyn was asked to comment on rumors that the United States is allegedly asking Ukraine to influence the EU and push for the lifting of sanctions on Belarusian fertilizers.
He noted that it would be inappropriate to disclose the details of bilateral communications.
"Everyone can see this 'buzz' around potash, and it is unlikely to bring peace closer; rather, it gives Putin confidence that he can also wait out sanctions until they are eased," Lytvyn explained.
The presidential adviser also pointed out that even if sanctions on Belarusian potash are lifted, and Russia earns slightly less from fertilizer sales or transit, it would not have a significant impact on the situation.
"Maybe they will slightly reduce expenses on Lukashenko, because he will be able to earn more himself, and overall they will lose nothing. And the question there is not so much about this, but about the approach itself—that sanctions can be eased," he added.
Rumors about sanctions on Belarus
Bloomberg previously reported, citing its own sources, that the US allegedly asked Ukraine to discuss with the European Union the possibility of easing sanctions on Belarusian potassium.
Potash fertilizers were one of Belarus’s key export items before 2022.
According to journalists, the US allegedly believes that easing sanctions could influence Belarus’s foreign policy.
https://newsukraine.rbc.ua/news/lifting-sanctions-on-belarusian-fertilizers-1779379782.html
Gold (GC=F) June futures opened at $4,548 per troy ounce on Thursday, up 0.3% from Wednesday’s close of $4,535.30. The price of gold moved lower this morning, trading at $4,514.20 as of 6:53 a.m. ET.
Gold prices continue to be stuck in the middle between signals from President Trump that the war with Iran is in its final stages, and strong rhetoric from both the U.S. and Iran that more conflict is just around the corner. Investors are laser-focused on the reopening of the Strait of Hormuz so that oil and natural gas can resume flowing to countries around the world, easing inflation levels and reducing the need for central banks to raise rates. Higher interest rates tend to limit gold prices since the precious metal doesn’t pay interest.
Current price of gold
The opening price of gold futures on Thursday was up 0.3% from Wednesday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:
One week ago: -2.8%
One month ago: -3.2%
One year ago: +38.1%
Gold’s year-over-year growth was 95.6% on Jan. 29.
Gold IRA: What it is, how it works
If you are socking gold bars away for a rainy day, there may be an opportunity to earn some tax perks in the process. You could establish a gold IRA to hold those assets and diversify your retirement wealth.
A gold IRA is a specialty form of self-directed IRA that’s designed for gold and other precious metals.
Gold IRA vs. traditional IRA
IRS restrictions
You must work with a specialty provider that can ensure your account complies with these IRS restrictions:
Storage: Your gold must be held in an IRS-approved facility.
Asset types: A gold IRA can hold physical gold, silver, platinum, or palladium — but not all forms of these metals are eligible. For example, gold bullion, silver coins, and bars must meet purity requirements. Additionally, gold bars must come from approved refiners.
Price of gold chart
Whether you’re tracking the price of gold since last month or last year, the price of gold chart below shows the precious metal’s value journey so far this year.
Gotrade News - Small-cap gold miners trading under $5 are drawing fresh investor attention this week. Names like GROY, BTG, and GLDG headline a sector benefiting from elevated bullion prices.
Analysts highlight stronger balance sheets and project pipelines across junior producers. The spotlight comes as gold continues to attract safe-haven flows globally.
Key Takeaways
Why Small-Cap Gold Stocks Are Drawing Attention
According to Insider Monkey, Gold Royalty Corp (GROY) ranks among the most-watched gold stocks trading under $5. The royalty model offers diversified exposure without direct mining risk, appealing to value-focused investors.
Per Insider Monkey, GoldMining Inc. (GLDG) is gaining traction on its $1 billion La Mina project valuation. The Colombia-based asset positions GLDG as a leveraged play on rising bullion prices.
As reported by Insider Monkey, B2Gold (BTG) sold its Fingold Ventures stake to fortify its balance sheet. The transaction improves liquidity heading into the next production cycle.
How Gotrade Investors Can Get Gold Exposure
The featured small-cap names are not currently listed on Gotrade Global. Investors seeking gold sector exposure can use available alternatives.
The VanEck Gold Miners ETF (GDX) offers diversified exposure to global miners. The SPDR Gold Shares (GLD) tracks physical bullion directly. For single-name exposure, Newmont (NEM) remains the largest listed senior producer.
These instruments give fractional access to the same macro tailwinds driving junior miners. Gold's role as an inflation hedge continues to support investor positioning.
https://www.heygotrade.com/en/news/gold-mining-stocks-under-5-sector-spotlight/
BP (BP) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Over the past month, shares of this oil and gas company have returned -2.7%, compared to the Zacks S&P 500 composite's +4.6% change. During this period, the Zacks Oil and Gas - Integrated - International industry, which BP falls in, has gained 3.1%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Revisions to Earnings Estimates
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
BP is expected to post earnings of $1.27 per share for the current quarter, representing a year-over-year change of +41.1%. Over the last 30 days, the Zacks Consensus Estimate has changed -4.9%.
The consensus earnings estimate of $5.08 for the current fiscal year indicates a year-over-year change of +76.4%. This estimate has changed +11.9% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $4.13 indicates a change of -18.7% from what BP is expected to report a year ago. Over the past month, the estimate has changed +4.6%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, BP is rated Zacks Rank #1 (Strong Buy).
https://sg.finance.yahoo.com/news/trending-stock-bp-p-l-130004050.html
At the same time, the industry association is calling for further action to support the sector
European steelmakers have welcomed the European Parliament’s approval of new EU steel safeguard measures. This was stated in a press release from the European Steel Association (EUROFER).
They called it an important step toward overcoming the mounting pressure the industry faces due to record import volumes, global overcapacity, and rising international protectionism.
“In times of growing geopolitical uncertainty and market distortions, this is an important signal that the EU is ready to act to protect its industrial base, security, and autonomy. There should now be no delay in ensuring these measures enter into force by July 1, 2026, when the current ones expire,” noted Axel Eggert, CEO of EUROFER.
EUROFER emphasized that the EU will remain one of the most open steel markets in the world, with approximately 18 million tons of imported steel products continuing to enter duty-free each year.
At the same time, the industry association stressed that protecting steel production in Europe and meeting European demand must go hand in hand. Therefore, EUROFER called for extending the same strategic approach to steel-containing products manufactured in subsequent stages, with the aim of strengthening the broader European industrial value chain.
In addition, further action is needed to support the sector, including combating high energy prices, an effective cross-border carbon adjustment mechanism (CBAM), and addressing the issue of global overcapacity.
As a reminder, the European Parliament has approved new measures to protect the EU steel market. It is expected that Ukraine’s status as a candidate country facing specific security challenges will be taken into account during the allocation of quotas.
In the January-April period this year, China’s HRC and CRC production totaled 70.49 million mt and 16.689 million mt, down 7.2 percent and up 5.0 percent year on year, respectively, according to China’s National Bureau of Statistics (NBS).
In April alone, China’s HRC and CRC production amounted to 17.598 million mt and 4.596 million mt, down 4.9 percent and up 8.8 percent year on year, while down 6.7 percent and 4.7 percent month on month, respectively.
In April, HRC prices in the Chinese domestic market moved up amid the improved demand from downstream users in the traditional peak season and stock build-ups ahead of the Labor Day holiday (May 1-5). HRC prices reached a peak in April at RMB 3,480/mt ($509/mt) on April 23, April 27, April 29-30, with the lowest level during the month seen at RMB 3,370/mt ($493/mt) on April 2, according to SteelOrbis’ data.
As previously reported by SteelOrbis, China’s steel sheet/plate exports totaled 20.06 million mt in the January-April period this year, down 16.6 percent year on year, 0.3 percentage points faster than the declining pace recorded in the first three months this year, according to the Chinese customs authorities.
In April alone, China’s steel sheet/plate exports amounted to 5.46 million mt, down 17.5 percent year on year,
Steel plates/sheets are the primary target of antidumping investigations against Chinese steel products overseas, which also exerted a negative impact on outputs in China in April.
This measure is intended to protect the country's steel industry
South Africa has imposed higher import duties on certain types of steel products (ranging from 10% to 30%) to protect its domestic steel industry. This was reported by Engineering News.
This move follows a comprehensive review of steel tariffs conducted by South Africa’s International Trade Administration Commission (ITAC).
The announced duties will apply, in particular, to a wide range of flat-rolled products, electrical and alloy steel (10%), welded and seamless pipes and fittings (15%), and certain types of rebar (30%).
The changes to the tariff schedule were made in accordance with Section 48 of the Customs and Excise Act and cover imports from countries that do not have a trade agreement with South Africa. Thus, this excludes steel imports from the UK, the EU, as well as countries that have signed the African Continental Free Trade Area agreement and the European Free Trade Association.
In an interview with the publication, ITAC Chief Commissioner Ayabonga Kave emphasized that the changes to the tariff schedule were published alongside discount measures for which importers can apply using the standard review procedure.
As Bloomberg notes, last year steel production in South Africa fell to approximately 4.5 million tons from 9.7 million tons in 2006. Local producers are struggling to compete with cheaper Chinese imports while facing rising electricity and logistics costs, as well as an economic slowdown.
In particular, ArcelorMittal South Africa has closed two flat-rolled steel production facilities and a mine in the country. The company still operates a plant in Vanderbeilpark, which produces steel sheets and other products, and has idle capacity in two other cities.
As a reminder, in March of this year, South Africa imposed high anti-dumping duties on imports of structural steel from China and Thailand after finding evidence of dumping.
https://gmk.center/en/news/south-africa-is-raising-import-duties-on-a-wide-range-of-steel-products/
