Reliance Industries has begun capping fuel purchases at its retail outlets, limiting customers to about ₹1,000 ($10.8) per visit, according to a Bloomberg report.
The move comes as supply disruptions persist despite a tentative ceasefire in the Middle East.
The restrictions apply to stations operated under its joint venture with BP, which runs more than 2,000 fuel pumps across India.
The report said, citing sources, that operators have started enforcing limits to manage rising demand and prevent stockouts.
While the company has not issued a formal directive, the report added that pump operators have implemented caps locally to curb panic buying as supply tightens.
A Reliance spokesperson told the publication that there is no official policy restricting purchases, but acknowledged that such instances could reflect “localised” situations.
Hormuz disruption ripples through India
The move comes as India grapples with the fallout of disruptions in the Strait of Hormuz, a critical route for global oil and gas shipments.
Although a fragile truce between the US and Iran is in place, tanker movement remains affected, and insurers continue to classify the region as high-risk.
India, the world’s third-largest oil consumer, imports more than 90% of its crude requirements, making it particularly vulnerable to supply shocks in the Persian Gulf.
First signs of rationing in retail market
Reliance’s action marks the first instance of fuel rationing by a major private retailer, going beyond price adjustments to directly limit consumption.
The company operates only about 2% of India’s more than 102,000 fuel stations, but the step signals growing stress in the market.
State-run firms, including Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum, have not announced official caps.
However, the report noted anecdotal instances of similar ₹1,000 limits at some outlets.
Price pressures and market losses
Other players have already responded through pricing.
Nayara Energy raised diesel and gasoline prices last month to reduce losses and moderate demand, according to local media reports.
The company is partly owned by Rosneft.
Fuel retailers in India are currently operating at a loss.
According to a post by the federal oil ministry on April 1, companies are losing ₹24.40 per litre on gasoline and ₹104.99 per litre on diesel.
While state-owned refiners last cut pump prices in March 2024 under government intervention, the current environment presents a more complex challenge, with both supply disruptions and pricing pressures at play.
Crude prices continue to remain volatile as markets weigh the duration of the Hormuz disruption against global inventories and the risk of renewed escalation.
By Sumit Saha
April 9 (Reuters) - Chevron said on Thursday it expected first-quarter upstream earnings to rise between $1.6 billion and $2.2 billion from the previous quarter, fueled by higher oil prices due to the Iran war, though an impact from hedging could weigh on results.
The U.S. oil major said timing effects tied to hedging and accounting were expected to cut into earnings and operating cash flow, excluding working capital, by $2.7 billion to $3.7 billion after tax, largely in its downstream business. The impact is expected to reverse in the future, it said.
The warning mirrors comments from rival Exxon Mobil, which on Wednesday signaled that while higher oil prices could lift upstream earnings by about $1.4 billion compared with the fourth quarter, overall earnings could fall as a multi‑billion‑dollar hit from financial hedging outweighs price gains.
The conflict, which started on February 28, sent oil prices skyrocketing as much as 65%, with some oil and gas fields in the Middle East shutting production after the Strait of Hormuz - a conduit for a fifth of global energy flows - was effectively closed.
Shares of the company rose about 1% in premarket trading, tracking higher oil prices.
"Chevron has the lowest exposure to the Middle East across the supermajors, with liquids from the region accounting for just over 1% of group production, leaving it better placed than peers to benefit from the current commodity upside," said RBC Capital Markets analyst Biraj Borkhataria.
Chevron's net oil-equivalent production is expected to average 3.8 million to 3.9 million barrels per day, with volumes affected by downtime at Kazakhstan's Tengizchevroil project and reduced output in parts of the Middle East.
Across the Atlantic, Shell also said weaker first-quarter gas output and a hit to short-term liquidity would be partly offset by stronger oil trading, offering an early glimpse into how the U.S.-Israeli war on Iran is reshaping oil majors' earnings.
Chevron, which is expected to report results on May 1, posted fourth-quarter upstream earnings of $3.04 billion.
Analysts expect the oil major to post net income of $3.2 billion for the quarter ended March 31, according to data compiled by LSEG.
(Reporting by Sumit Saha in Bengaluru; Editing by Vijay Kishore and Pooja Desai)
Copyright 2026 Thomson Reuters.
This picture taken on March 26, 2026 shows an oil tanker unloading crude oil at a port in Yantai, in China's eastern Shandong province.
Oil prices rose Thursday as the market realized Iran was still controlling access to the Strait of Hormuz despite a two-week ceasefire agreement with the U.S.
U.S. West Texas Intermediate crude futures for May rose more than 3% to $97.97 per barrel by 12:16 p.m. ET. International benchmark Brent crude futures for June delivery added more than 1% to $95.94
U.S. oil jumped above $100 earlier in the session, but pulled back after Prime Minister Benjamin Netanyahu said Israel would negotiate with Lebanon "as soon as possible."
The moves come a day after U.S. oil posted its biggest single-day drop since 2020 due to the ceasefire. Israeli strikes in Lebanon had threatened to unravel the fragile agreement between the U.S. and Iran.
The strait has not opened to ship traffic as Iran restricts access despite the ceasefire, said the CEO of Abu Dhabi National Oil Company (ADNOC) on Thursday.
Tehran has made clear that ships must obtain its permission to pass through the strait, Sultan Ahmed Al Jaber in a social media post. "That is not freedom of navigation. That is coercion," the ADNOC chief said.
The ceasefire is fragile as the U.S. and Iran dispute the terms of the agreement. Mohammad Bagher Ghalibaf, Iran's parliamentary speaker, said on Wednesday that Washington had breached the deal.
"The deep historical distrust we hold toward the United States stems from its repeated violations of all forms of commitments — a pattern that has regrettably been repeated once again," Ghalibaf said in a statement posted on social media.
https://www.cnbc.com/2026/04/09/oil-prices-today-wti-brent-iran-accuse-us-of-ceasefire-breach.html
April 9 (Reuters) A Brazilian federal court has issued an injunction exempting TotalEnergies, Repsol Sinopec, Galp’s Petrogal, Shell and Equinor from a tax on crude oil exports, a court document seen by Reuters shows.
The Tuesday decision says a 12% tax enacted about a month ago as oil prices spiked due to the U.S.-Israeli war on Iran, might be unconstitutional. A definitive ruling is still pending.
In his ruling, the judge said that Brazil’s government itself acknowledged that the tax was created to generate revenue, which he said was a “true deviation of purpose.”
The exemption could create an issue for the government, as the levy was meant to cover revenue losses from tax cuts on fuels. Brazil’s state-run oil firm Petrobras, the country’s biggest oil exporter, is not affected by the ruling.
Criticism over the tax mounted on Wednesday, with oil lobby group IBP saying the tax is a hurdle to new investments in the country and oil majors stressing that Brazil needs fiscal and regulatory “stability.”
“This tax is not opportune, especially given the need to demonstrate that Brazil is an attractive destination for long-term investments in the oil and gas sector,” IBP head Roberto Ardenghy said on the sidelines of an event on Wednesday.
Brazil’s Mines and Energy Ministry did not immediately reply to a request for comment. Earlier on Wednesday, minister Alexandre Silveira defended the tax as an exceptional measure due to the impact of the Middle East conflict on fuel prices in Brazil.
At the same event where IBP and oil majors criticized the tax, Silveira said the firms were making money from the Middle East conflict and can “pay a little bit more” to help the government subsidize fuel.
The tax is a temporary levy designed to last until the end of this year, and is aimed at increasing domestic refining and securing internal supply, the government said at the time of its launch.
https://brazilenergyinsight.com/2026/04/09/brazil-court-lifts-export-tax-for-select-oil-firms/
Posted to Maritime Reporter on April 10, 2026
Three sources familiar with the situation said that producers in the Middle East had asked Asian refiners to "submit crude loading programmes" for April and may in preparation for a possible resumption of ship traffic through the Strait of Hormuz. The U.S. and Iran announced a two-week ceasefire agreement on Wednesday, which raised hopes for the reopening the Strait. Before the war, about 20% of world oil and LNG supplies were transported through the Strait. There is no indication that Tehran will lift its nearly total blockade on the waterway which has pushed up energy prices.
Two sources confirmed that Saudi Aramco, a leading global exporter, had 'asked its clients to nominate cargoes to be loaded from the ports in Yanbu and Ras Tanura during May. Two sources said that this would depend on the return of exports to the eastern Ras Tanura Port, which requires vessels to pass through the Strait of Hormuz.
Sources declined to name themselves because they weren't authorised to speak to the media. Aramco informed buyers last month that they would only be able to lift crude from the western Yanbu port on the Red Sea in April. The producer is shipping crude to Yanbu through the East-West Pipeline. The attacks on Saudi energy installations have reduced the country's oil production by 600,000 barrels a day, and the throughput of its East-West Pipeline has been cut by 700,000 bpd. This was reported by Saudi state-run news agency SPA on Thursday. It cited an official source from the Ministry of Energy.
KUWAIT, IRAQ
Two sources confirmed that Kuwait Petroleum Corp. has also?provided loading date for Kuwait Export Crude sold on a free-onboard basis (FOB) in April.
One of the agents said that cargo nominations were in progress and would be subject to customers' ability?to lift the cargoes.
KPC declared force majeure last month on?delivered oil supplies? as tankers could not enter the Gulf to lift oil.
Aramco and KPC were not immediately available for comment after office hours. Iraq's state oil marketer SOMO requested that its customers submit their loading schedules after media reports claimed that Iran had released Iraq from transit restrictions through the Strait of Hormuz.
Following the announcement of the ceasefire, Asian trading companies and refiners have been looking for tankers to "load crude" from the Gulf this week. Commodities traders Glencore and Taiwan's CPC each chartered a vessel to load Middle Eastern oil for Asia. Indian and South Korean refiners, meanwhile, are looking for vessels to load Iraqi oil this month. (Reporting and editing by Florence Tan, Siyi Liu)
The Middle East war is giving fresh momentum to Europe's push for energy independence andbolstering the case for offshore wind farm developments, the CEO of Denmark's Orsted said on Thursday.
Europe, a major importer of fossil fuels, has seen energy prices soar in recent weeks as the U.S.-Israeli war on Iran, and Teheran's blockage of shipments through the Strait of Hormuz, led to a worldwide scramble for oil and natural gas.
"There is a major task for Europe... in ensuring the necessary energy security, sovereignty and competitiveness," Orsted CEO Rasmus Errboe told Reuters on the sidelines of the company's annual meeting of shareholders.
"(This) naturally also affects us, because we produce renewable energy and because our focus is on Europe," Errboe said.
Orsted, the world's biggest offshore wind developer, struggled in recent years with soaring costs, and said last year it would focus more on Europe amid resistance to wind power in the United States from President Donald Trump.
In January, nine European governments committed to tender up to 300 gigawatts (GW) of offshore wind capacity by 2050 - eight times the current volume of 38 GW.
France last week launched tenders for 12 GW of renewable energy, including seven offshore wind projects totalling 10 GW. While long planned, Finance Minister Roland Lescure said the projects would help wean France off imported oil and gas.
BofA Global Research last week raised its recommendation on Orsted's shares to "buy" from "neutral" and said the Middle East war will create momentum for fossil fuel independence in Europe, making offshore wind a key potential beneficiary.
https://www.marinelink.com/news/orsted-middle-east-energy-crunch-537885
Mosaic said on Wednesday it will idle two phosphate facilities in Brazil, cut jobs and reduce annual output by about 1 million tonnes, as the fertilizer producer moves to curb costs, redeploy capital and pursue the sale of assets.
The US-based company will begin idling and demobilizing its Araxa mining and chemical complex and related mining activities at its Patrocinio complex, leading to workforce reductions at both sites.
Mosaic did not disclose how many employees would be affected.
Brazil is a key production hub for Mosaic, which has been trimming its portfolio and capital spending after periods of oversupply weighed on fertilizer markets and returns.
Mosaic sold its Taquari-Vassouras potash mine and the idled Patos de Minas phosphate mining unit in Brazil in 2025.
The company plans to pursue the sale of its Araxa assets, while continuing development work on a separate niobium metals project at Patrocinio.
“We believe idling the facilities and pursuing a potential sale is the right path forward,” Mosaic CEO Bruce Bodine said on Wednesday. “This decision reflects Mosaic’s continued focus on discipline around capital allocation and returns.”
The impact on adjusted core profit is expected to be limited due to elevated sulphur prices, excluding one-off costs, the company said.
Following completion of a potential deal, Mosaic expects annual capital expenditure to decline by about $20 million to $30 million, with operating expenses forecast to fall by roughly $70 million to $80 million.
The company expects to record a pre‑tax charge of between $350 million and $400 million in the first quarter of 2026.
(By Dharna Bafna; Editing by Devika Syamnath)
BARRICK Mining Corp is pivoting away from riskier operating environments and returning to mergers and acquisitions, said Bloomberg News on Thursday citing a letter to shareholders from the group’s chairman, John Thornton.
The strategy represents a departure from the project-focused growth that defined the previous decade, much of it in Africa and Asia, the newswire said.
The letter is Thornton’s first public statement since the Canadian miner replaced long-serving CEO Mark Bristow in September and announced plans to spin off its leading North American assets.
Thornton said the company’s shares had long been undervalued and that a separately listed North American vehicle would become the world’s most compelling pure-gold investment.
Barrick is preparing to list a new entity containing its Nevada joint venture, the Fourmile discovery and a Dominican Republic mine, with the process targeted for completion by end-2026. The restructuring follows a difficult operational period that saw 2025 gold output fall 17% to 3.26 million ounces, the lowest in at least 25 years.
Mark Hill was appointed CEO in February after Bristow’s abrupt departure, which followed a military government’s seizure of Barrick’s key Mali mine. Hill has since overhauled the senior leadership team and restructured regional operations.
Any acquisition would be Barrick’s first significant deal since its 2019 merger with Randgold Resources, which originally brought Bristow to the combined company, said Bloomberg News. An informal approach for First Quantum Minerals in 2023 came to nothing. Thornton said future targets would be confined to so-called tier-one assets — long-life, low-cost mines.
The company last week flagged sharply higher costs at its Pakistan copper project, where security concerns had already slowed progress, and said it was scaling back work there.
https://www.miningmx.com/trending/64986-barrick-shifts-focus-to-ma-in-less-risky-jurisdictions/
Harmony Gold's Eva Copper Mine Project in Northwest Queensland will be powered by a landmark 15-year renewable hybrid energy facility, marking a significant shift in how large-scale mining operations can secure reliable, lower carbon power in remote locations.
Aggreko has finalised a Power Purchase Agreement (PPA) with the international mining company to build, own and operate what will become Australia's largest off-grid renewable hybrid power facility. The minimum 15-year term reflects the long-term operational requirements of the copper mining project, providing Harmony with energy security throughout both construction and production phases.
The facility will supply safe, reliable and lower carbon energy tailored specifically to support the Eva Copper Mine's operational demands. Aggreko, a global leader in engineered energy and temperature solutions, will design, deploy and optimise the flexible energy infrastructure essential to the mine's operations.
The company works across all major industries and brings deep sector expertise to shaping solutions around its customers' needs. It uses its experience working in demanding environments and complex applications to engineer reliable, efficient and sustainable solutions, from critical emergencies to long-term energy security.
https://miningdigital.com/news/aggreko-delivers-renewable-solutions-eva-copper-mine
Strickland Metals (ASX: STK) has announced encouraging first-pass drilling results at its Obradov Potok prospect within the Rogozna Project in Serbia, identifying a significant 6km trend and planning follow-up drilling for a potential copper-gold skarn core.
The drilling at Obradov Potok intersected carbonate replacement lead-zinc-silver mineralisation extending along an ENE-WSW trend, stretching approximately 6km from Jezerska Reka to the Gradina–Copper Canyon area.
These intersections are interpreted to be controlled by the convergence of ENE and NNW structures primarily identified through gravity data.
Significant results included ZRPD25004, which delivered 2.9m at 3.2% lead, 1.7% zinc, and 19.2g/t silver including a higher-grade sub-interval of 1.5m at 5.1% lead, 2.1% zinc, and 32.6g/t silver.
Potential for Copper-Gold Core
Management expects the intersected base metal mineralisation to represent an outer halo, proximal to a new copper-gold skarn system.
Follow-up drilling is planned to commence in Q2 2026, specifically targeting the interpreted core of this system and the intersections of interpreted structures.
The Obradov Potok prospect exhibits a major gravity anomaly.
This anomaly is similar in scale to the known Gradina, Shanac, and Copper Canyon deposits within the Rogozna Project, suggesting significant potential for further discoveries.
Previous drilling at Gradina has consistently shown wide, high-grade, gold-dominant skarn-hosted mineralisation.
This supports the company's broader understanding of skarn systems within the project area, highlighting the potential for similar mineralisation at Obradov Potok.
Well-Funded for Exploration
Strickland Metals is in a robust financial position. The company reported A$38.2 million in cash and liquids as of 31 December 2025.
This strong balance sheet has been further bolstered by the successful completion of an A$55 million institutional placement.
This placement secures significant funding for ongoing activities.
The proceeds from the placement are earmarked to fund an expanded 2026 drilling program at the Rogozna Project.
This program includes an additional 70,000m of resource and exploration drilling, as well as supporting a Pre-Feasibility Study targeting the first half of 2027.
Rogozna Project Context
The Rogozna Project in Serbia is a significant asset for Strickland Metals.
It hosts multiple key prospects, including Gradina, Shanac, Copper Canyon, and the newly explored Obradov Potok.
Early 2026 drilling at Gradina continued to deliver wide, high-grade, gold-dominant skarn-hosted mineralisation.
This demonstrates the prospectivity of the region for precious metals.
An updated Mineral Resource Estimate for Shanac is anticipated in April 2026.
The company is also working towards a Pre-Feasibility Study for the overall Rogozna project, targeted for the first half of 2027.
Company Logo
India is positioned as a key player in the global iron ore market, ranking third in production. Opportunities lie in expanding production capabilities, particularly from major mines like Bailadila and Noamundi. Continued growth is anticipated, driven by ongoing investment in capacity expansion and strong production output.
Dublin, April 09, 2026 (GLOBE NEWSWIRE) -- The "India Iron Ore Mining to 2035" report has been added to ResearchAndMarkets.com's offering.
The "India Iron ore Mining to 2035" provides a comprehensive coverage of India's iron ore industry. It provides historical and forecast data on iron ore production, production by company, reserves by country, and world iron ore prices.
The report also includes a demand drivers section providing information on factors that are affecting the India iron ore industry. It further profiles major iron ore producers, and information on the major active, planned, and exploration projects by region.
India surpassed China as the third-largest iron ore producer in the world with 289.4Mt supply in 2024, contributing 11.3% of the global total. India's iron ore production is anticipated to have increased by 6.3% in 2025 to 307.7Mt, reflecting strong consistent production and sustained mining expansion from major mines such as the Bailadila Iron Ore mines (Bacheli and Kirandul Complex), Nuagaon, Noamundi and Katamati mines as companies aim to rise iron ore production.
Looking ahead, India's iron ore production is anticipated to grow further in 2026 to reach 318.8Mt - a 3.6% year on year (Y-o-Y) increase. This growth will be underpinned by the continuous strong production and ongoing capacity expansions from key producing mines such as the Guali Iron ore Mine, Nuagaon, Naomundi and Bailadila Iron ore mines (Bacheli and Kirandul Complex).
Report Scope
The report contains an overview of the India Iron ore mining industry including key demand-driving factors affecting India's iron ore mining industry.
It provides detailed information on reserves, reserves by country, production, competitive landscape, major operating mines, and major exploration, and development projects.
Reasons to Buy
To gain an understanding of the Indian iron ore mining industry, relevant driving factors
To understand historical and forecast trend on Indian iron ore production
To identify key players in the Indian iron ore mining industry
To identify major active, exploration and development projects in India an overview of the India
Key Topics Covered:
https://uk.finance.yahoo.com/news/india-iron-ore-mining-industry-132600368.html
Bituminous coal (mainly coking coal for steelmaking) accounted for 90% of the March export total at 9.94 million tonnes. The shipments of anthracite, other coal (mainly thermal coal types) and lignite reached 58,789 tonnes, 517,013 tonnes and 544,278 tonnes respectively, according to the CGA data.
The record export high had resulted from robust demand from Chinese buyers, as the bullish Chinese coal market in March also delivered lucrative profits in Mongolian coal transactions and further bolstered their keenness to import, Mysteel Global observed. China was the sole importer of Mongolian coal in March.
For much of last month, the concerns about global energy supplies amid the US-Iran tensions had sent coal prices in China steadily rising, as reported. Mongolian coal is widely used among Chinese steel mills as an important supplement of domestic premium coking coal, with the result that last month the bullish market trend in China sent its prices surging.
At Ganqimaodu port, a major entry for Mongolian coal in North China's Inner Mongolia, the price for Mongolian 5# raw coal had topped Yuan 1,171/tonne ($171.2/t) on March 24, ex-stock with the 13% VAT. Not only was this higher by Yuan 176/t from the end of February, but it was also the highest level since late October 2024, according to Mysteel's tracking.
High profits thereby encouraged Chinese importers to step up purchases of Mongolian coal, with the volume cleared by Chinese Customs at the three major Sino-Mongolia border ports – Ganqimaodu, Ceke and Mandula – averaging 362,676 tonnes/day last month. This more than doubled the March 2025 average of 163,604 t/d and was also about 58% higher than that of the full year 2025 average, according to Mysteel's tracking.
As such, the CGA data reported an 84% surge on year in Mongolia's March coal exports. Compared with February, the reading last month was also higher by 74%, as the border closures for holidays in both countries in mid-February disrupted transportation between them. Over February 17-20, China and Mongolia halted Customs clearance at the three border ports to celebrate their overlapping lunar new year holidays, as reported.
In the first quarter this year, Mongolia's cumulative exports of coal for all uses, all to China, totalled 27.53 million tonnes, jumping by 57% from Q1 last year, according to the CGA.
The acceleration of coal transport movements meant that cargo traffic at the three Sino-Mongolia ports also hit historical highs during Q1. Cargo flows at Ganqimaodu totalled 13.17 million tonnes during the period, up 50% on year, with those at Ceke and Mandula, also in Inner Mongolia, higher by 83% and 182% on year at 9.18 million tonnes and 3.45 million tonnes respectively, according to port authorities.
