Oil Price, LPG Gas Crisis News Live Updates: Benchmark Brent crude futures rose again from $100 to around $114 per barrel Thursday afternoon, after Israel struck the world’s largest natural gas field, South Pars, that Iran shares with Qatar across the Gulf. Meanwhile, crude palm oil prices are expected to remain above 4,450 ringgit ($1,130) per metric ton in the near term due to rising energy prices and uncertainty in the Middle East, the Malaysian Palm Oil Council said on Thursday. Iranian missile strikes also hit the Ras Laffan industrial city, Qatar’s primary gas hub, which reported “significant damage.”
The United Arab Emirates (UAE) Thursday shut gas facilities after intercepting missiles early, news agency Reuters reported. The closure comes in response to incidents at the Habshan gas facilities and at the Bab oil field that were caused by falling debris from intercepted missiles. The Habshan complex, operated by Abu Dhabi state oil giant ADNOC, is one of the world’s largest gas processing facilities, comprising 5 plants with a total capacity of 6.1 billion standard cubic feet per day (bscfd), Reuters noted.
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In India: Amid requests from some of India’s neighbours for additional fuel supplies amid the supply squeeze due to the West Asia conflict, the government has said that it will prioritise meeting domestic fuel demand first before deciding on any of these requests. According to Petroleum Ministry Joint Secretary Sujata Sharma, supply of crude oil and major fuels like petrol and diesel is currently adequate in India, and no shortage has been reported from any part of the country.
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