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The ongoing oil war between US and Saudi Arabia has taken a new turn. The energy minister prince Abdulaziz bin Salman has rebuked Washington for manipulating the oil market after Joe Biden announced the release of additional 15 million barrels of oil from US strategic reserve.  Abdulaziz said, "People are depleting their emergency stocks and using it as a mechanism to manipulate markets while its profound purpose was to mitigate shortage of supply."  He further added, "It is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come." Perhaps, Biden's intention was to lower the gas prices. However, Saudi believes that the release of reserve was to build further pressure on the oil market with the intention of manipulating the prices and thus trying to control the international oil industry. Could Saudi be right on its allegations? Since the oil cold war began, US has already released around 180 million bar...

India has increased its purchase of crude oil from Canada. This new development is the result of the price drop in the Canadian oil price. Over 3 million barrels of crude grade produced in oil sand of Alberta will be arriving in India next month. Canada has come up with the widest discount on crude oil price in nearly four years. The decline in the price is believed to have been caused by the lesser demand from the US Midwest. India saw this as an opportunity to take advantage of the situation amidst Western sanctions against Russian crude oil, which expected to be tightened further in few weeks. In light of tightening wester sanctions, some Indian refineries have put on hold the purchases on Russian crude oil for time being. However, India had raised its oil import from Russia ever since the war broke out in Ukraine. Post which Russia became third largest supplier to India. India's Petroleum Ministry has said that it will look into price cap proposal by G7 nations, although it is ...