Topic
supply
Commodities Global Wheat Output May Drop 23 Million Tonnes Next Season on Iran War, El Nino
Global wheat production is projected to decline by 23 million tonnes in 2026-27 as El Niño and the Iran conflict curb acreage and raise fertiliser costs, according to The Hindu BusinessLine. IGC pegs output at 821 mt versus 844 mt this season, with ending stocks falling to 279 mt. CBOT wheat futures trade near $6.54 per bushel as analysts see a price floor from supply risks.
Commodities Crude oil futures fall 3% to ₹7,811 per barrel as West Asia shipping improves
MCX crude oil futures fell 2.81% to ₹7,811 per barrel for August delivery on Friday, tracking weak global benchmarks as improved tanker movements through the Strait of Hormuz and Bab el-Mandeb eased geopolitical supply concerns. Prices remain pressured by lingering risks, including halted loadings at Kazakhstan's Black Sea terminal and the Houthi blockade threat.
Commodities Oil prices surge nearly 4% on West Asia tensions and lower US crude inventories
Oil prices surged nearly 4% on Wednesday after joint US-Saudi strikes in Iraq and interception of Iranian missiles, while US crude inventories fell by 3.3 million barrels. Brent rose to $87.39 and WTI to $82.31, with OPEC+ reportedly set to halt output increases. The geopolitical escalation dampens expectations for de-escalation in the Persian Gulf.
Commodities Indian Government Limits Sugar Dealers to 400 Tonnes Stock Until November to Curb Hoarding
The Indian government has ordered sugar dealers to hold a maximum stock of 400 tonnes until November 30, requiring liquidation of excess by August 1. The move aims to curb hoarding and speculative trading amid a recent 15% rise in ex-factory prices. The government also banned sugar exports until September 30, while industry bodies project adequate supply.
Commodities Indian Tobacco Board Slashes Crop Size by 43% as Glut Forces Farmers to Seek Alternative Crops
The Indian Tobacco Board has cut the FCV tobacco crop size for 2026-27 by 43% to 81 million kg for Andhra Pradesh and 44% to 51 million kg for Karnataka, responding to a market glut exacerbated by competition from Brazil and African countries. Farmers, while understanding the rationale, are scrambling for alternative crops and demanding action against unlicensed growers who distort prices.
Commodities Crude Oil Falls as US and Iran Halt Weekend Strikes, Easing Geopolitical Risk Premium
Crude oil futures fell sharply on Monday morning after the US and Iran halted strikes against each other over the weekend, with Brent dropping 4.23% and WTI falling 4.90%. The de-escalation marked the first tangible signal of reduced hostilities after 13 days of strikes, though analysts caution that recovery hinges on lasting peace and safe navigation through the Strait of Hormuz. Meanwhile, Houthi attacks on Saudi Arabia's energy facilities continued, adding another layer of supply risk.
Commodities Oil Holds Above $100 as Red Sea Attacks and Kazakhstan Outage Tighten Supplies
Oil prices have staged a sharp comeback, with Brent crude holding above $100 a barrel after Iran-aligned Houthi rebels attacked Saudi oil tankers in the Red Sea and a suspected Ukrainian drone strike forced the closure of Kazakhstan's main Black Sea export terminal. The twin disruptions have renewed fears over global energy supplies, reversing earlier hopes of easing Middle East tensions.
Commodities Indian rice export prices hit near 10-month high on tight paddy supplies and monsoon concerns
Indian rice export prices rose to a near 10-month high this week, driven by tight paddy supplies and concerns over the new-season crop after patchy monsoon rainfall, according to Reuters. The 5% broken parboiled variety was quoted at $356-$361 per ton, up from $352-$357 last week. Adverse weather also affected crops in Bangladesh, while Vietnam saw lower prices due to building supplies from the summer-autumn harvest.
Commodities India's Surging Refined Product Exports Ease Asia Fuel Crisis, Says Russell
India's exports of light and middle distillates are expected to reach 1.55 million barrels per day in July, the second-highest level in Kpler records since 2017, easing Asia's fuel crisis. The surge is driven by soaring product premiums after the breakdown of the US-Iran ceasefire, with Brent crude rising 34% from its post-deal low. Other exporters like Oman and Taiwan are also boosting output, but Asia's imports remain 18% below pre-conflict levels, indicating continued tightness.
Commodities Lower area under arhar in India’s Karnataka unlikely to be offset elsewhere
India's kharif arhar (pigeon pea) sowing area fell 18% year-on-year as of July 17, driven by a 42% decline in Karnataka. While Uttar Pradesh, Telangana, and Andhra Pradesh reported increases, experts said the overall area may still fall short of the government's 50 lakh hectare target needed for 4 million tonnes production in 2026.
Commodities Fresh Houthi Maritime Blockade Threatens Saudi Crude Exports via Red Sea Route
The Iran-backed Houthi movement in Yemen has announced a maritime blockade against Saudi Arabia, threatening crude exports via the Red Sea. Brent crude edged higher amid the fresh geopolitical risk, with Saudi Arabia having rerouted exports through Yanbu port after Strait of Hormuz disruptions.
Commodities TNAU Forecasts Small Onion Prices at ₹30-35/kg for Upcoming Harvest Season
The Tamil Nadu Agricultural University's DEMIC has forecast farm-gate prices of ₹30-35 per kg for good-quality small onions during the upcoming harvest season. The forecast is based on 15 years of price data from the Dindigul market and a market survey. Production details, key growing districts, and robust export demand are also highlighted.
Commodities US fuel prices rise: Gasoline returns to $4 per gallon after Middle East flare-up
A report from Times of India indicates that US gasoline prices have risen to $4 per gallon after a Middle East flare-up. The headline highlights the renewed price level, though no further details on specific contracts or volumes were provided.
Commodities Sugar Price Surge Unjustified as Stocks Comfortable, Say ISMA and NFCSF After Government Meeting
India's two main sugar bodies, ISMA and NFCSF, have declared the recent surge in domestic sugar prices to ₹44-45 per kg as unjustified, citing comfortable stock levels and ample availability. After meeting with the government, the industry agreed to start crushing earlier in the upcoming 2026-27 season to further boost supplies and curb speculation.
Commodities Oil market absorbs war shock through buffers but stocks run thin: IMF blog warns
The global oil market weathered the biggest supply disruption in decades after the Strait of Hormuz was closed due to war in West Asia, according to an IMF blog. Prices stabilized in the $90-100 per barrel range as demand compression, non-Gulf production increases, and inventory drawdowns offset the loss of about 20 million barrels per day. However, by end-May over 1.1 billion barrels had not reached market, and the IMF warns that buffers are now thin, leaving the world more vulnerable to future shocks.
Commodities Wheat Production Likely Affected by Climate This Year, Experts Warn at Conclave
At the Wheat Products Promotion Society CEO Conclave in Varanasi, experts warned that El Nino could impact wheat production this year, with delayed kharif harvest and potential drought. Despite geopolitical tensions, global wheat markets remain well supplied, anchored by Black Sea region stocks, limiting price rises.
Crude Oil Futures Edge Lower Despite US Strikes on Iran; Supply Disruptions Loom
Crude oil futures traded marginally lower on Thursday despite US airstrikes on Iranian facilities. September Brent was at $84.70, down 0.29%, while WTI fell 0.19% to $79.45. US EIA data showed a 1.7-million-barrel draw in commercial crude inventories. Analysts from ING Think flagged risks of renewed supply disruptions amid depressed tanker traffic through the Strait of Hormuz and the impending end of SPR releases.
Commodities El Niño Disrupts Pacific Fisheries, Canceling Peru Anchovy Season and Boosting Tuna Catches
The 2026 'super' El Niño is already affecting Pacific fisheries dramatically. Peru has effectively canceled its anchovy fishing season due to warm waters driving fish deeper, while Southern California sees record tuna catches. Seafood prices are rising in local markets, with Peruvian jack mackerel and corvina prices doubling.
Commodities Oil Prices Slip but Head for Weekly Gains as US-Iran Conflict Keeps Supply Fears Alive
Oil prices edged lower in early trade on Friday but remained on course for strong weekly gains as renewed military exchanges between the United States and Iran kept concerns over global crude supplies elevated. Brent crude was set to post a 6% weekly gain, while WTI was on track to rise 5%. The disruption to the Strait of Hormuz remains a key concern, though demand-side worries from inflation limited the upside.
Commodities Crude Chaos: Oil Near $80 a Barrel After Trump Declares US-Iran Ceasefire ‘Over’
Oil prices surged toward $80 a barrel after US President Donald Trump declared the US-Iran ceasefire 'over' and launched fresh strikes. Brent crude rose 1.31% to $79.04, extending a 5% rally. Maritime authorities raised the Strait of Hormuz threat level to 'severe' following tanker attacks, reigniting inflation fears.
Commodities Overseas Demand from CIS and West Asia Lifts Tea Prices at Kochi Auctions
Overseas demand, particularly from CIS and West Asia, has lifted tea prices at the Kochi auctions as the West Asian crisis eases. Orthodox grades saw a 92% sales out of 2,80,925 kg offered, while CTC dust was dearer by Rs1-2 with 89% sales. The trend is expected to continue, according to traders.
Commodities India boosts LPG production capacity to 54,000 metric tonnes per day, says Hardeep Puri
Petroleum and Natural Gas Minister Hardeep Singh Puri announced at the Viksit Bharat Conclave 2026 that India successfully ensured uninterrupted LPG supply by boosting domestic production capacity from 35,000 to 54,000 metric tonnes per day, along with effective diplomacy to secure energy supplies. The minister also highlighted a significant natural gas discovery in the Andaman region and the 'Samudra Manthan' initiative for energy self-reliance.
Commodities Distilleries Supply 68% of Contracted 1,048 Crore Litres Ethanol in Eight Months
As of June 2026, Indian distilleries have supplied 717 crore litres of ethanol, fulfilling 68% of the 1,048 crore litres contracted by oil marketing companies for the Ethanol Supply Year 2025-26. Maize-based ethanol dominates at 36%, followed by FCI rice and sugarcane juice. Grain-based distilleries account for 67% of supplies, while sugar-based units have achieved 82% fulfilment of their contracts.
Commodities Crude Oil Surges Over 6% as Trump Declares Iran Ceasefire 'Over'
Oil prices surged more than 6% after US President Donald Trump declared the interim ceasefire with Iran 'over' following US strikes on Iran in response to attacks on three ships in the Strait of Hormuz. Brent crude rose 6.3% to $78.80 a barrel, and US benchmark crude jumped 6.4% to $75.00. The move raises uncertainties over inflation and coincides with concerns over AI stock valuations.
Commodities India Silver Import Curbs Create Shortages, Push Premiums to Six-Month High
India's import restrictions on silver have nearly halted overseas purchases, causing domestic shortages and pushing premiums to a six-month high of $6.5 per ounce. The government aims to ease pressure on foreign exchange reserves by curbing precious metals imports, but the market now faces supply tightness despite initial ETF sell-offs.
Commodities Global oil output to return to pre-Iran war level by year's end, US EIA says
The U.S. Energy Information Administration (EIA) reported that global oil output and trade flows should rebound fully by the end of 2026 from disruptions caused by the Iran war. The agency cut its Brent crude price forecast to $74/barrel for Q3, down from $85 in June and a previous estimate of $101. The easing of the Strait of Hormuz blockade after a preliminary U.S.-Iran deal has enabled increased vessel movement, and the EIA expects most shut-in Middle East production to return by Q1 2027, lowering fuel prices.
Commodities Oil prices inch higher as focus shifts to supply, demand and Hormuz shipments
Oil prices edged higher on Tuesday, with WTI crude at $68.83 per barrel and Brent at $72.26, as the market shifted focus to supply-demand dynamics and recovering shipments through the Strait of Hormuz. A tanker was struck by a projectile near Oman, renewing geopolitical concerns, but gains were capped by OPEC+ output increases and record UAE production.
Commodities Essar Energy Transition Renews $300 Million Crude Facility with Petraco Oil
Essar Energy Transition Fuels has renewed a three-year, $300 million strategic crude and product facility with Petraco Oil Company SA. The deal supports feedstock diversification and strengthens the company's commercial performance at the Stanlow Refinery in the UK.
Commodities 145% rise in LPG imports: India plans to double US purchases to cut Gulf dependence
India is doubling its contracted LPG imports from the US after a 145% rise in June compared to February, driven by the US-Iran war and Strait of Hormuz closure. The US share of India's LPG imports jumped from 8% in 2025 to 65% in June. Despite diversification, analysts say reliance on Gulf supplies will continue.
Commodities OPEC+ to Prioritise Oil Supply Over Price Floor Until Hormuz Normalises, Says Kotak Securities Analyst
OPEC+ is prioritising oil supply over defending a price floor, according to Kotak Securities analyst Anindya Banerjee, as the Strait of Hormuz remains only half-normalized. Brent crude staying below $85 per barrel will benefit India, but a full normalization of Hormuz over the next six to nine months could lead to a surplus if OPEC+ continues unwinding cuts amid weak demand. Internal divisions within OPEC+, including UAE stepping out and Iraq demanding higher quotas, complicate the group's cohesion.
Commodities OPEC+ agrees fresh August oil output hike as Strait of Hormuz reopens
OPEC+ has agreed to increase oil production quotas by 188,000 barrels per day (bpd) from August, continuing the unwinding of earlier cuts. The decision comes as the Strait of Hormuz reopens following a US-Israeli war on Iran that had disrupted exports. Oil prices have retreated to pre-war levels, with Brent crude settling near $72 per barrel.
Commodities Oil Prices Little Changed as Persian Gulf Crude Flows Near Pre-War Levels
Oil prices were little changed in thin trading as the recovery of Persian Gulf flows created a new surplus in key parts of the global market. OPEC crude production rose by 2.34 million barrels a day in June, driven by Kuwait, Saudi Arabia and Iran. Brent futures traded just above $72 a barrel, while West Texas Intermediate was below $69, with both benchmarks erasing their war-time rally in their biggest quarterly slump since 2020.
Logistics Former Army Contractor Convicted in $1.1 Million Fort Bliss MRE Theft Scheme
A federal jury convicted former Army civilian contractor Joseph Lavar Davis of stealing more than 200 pallets of Meals-Ready-to-Eat (MREs) from Fort Bliss, valued at approximately $1.12 million. The theft involved false paperwork, rented trucks, and online sales. FBI and Army Criminal Investigation Division investigated.
Commodities Oil prices rise as Iran-US talks hit roadblock, supply fears return
Crude oil prices edged higher on Wednesday as stalled talks between Iran and the US over a final agreement renewed supply fears from the Middle East. Brent crude rose 33 cents to $73.28 per barrel, while WTI gained 34 cents to $69.84 per barrel. The Doha talks failed to deliver a breakthrough, with US envoys meeting mediators rather than Iranian officials directly.
Commodities Indian Refiners Book Crude for 45 Days as Flush Market Favors Buyers
Indian refiners have stocked up on crude oil for the next 45 days, with Russia remaining the top supplier and replacement barrels coming from the US, Venezuela, Africa, and Oman. The market is favoring buyers due to de-escalation in West Asia and increased Middle Eastern cargoes, as noted by Kpler and industry sources.
Commodities Crude Slips Toward $70 as Tankers Return to Hormuz After US-Iran Peace Deal
Crude oil prices tumbled toward $70 per barrel as tanker movement through the Strait of Hormuz resumed after the US and Iran reached a peace deal. Brent crude fell to $72.90 and WTI to $69.61, with physical cargoes trading at discounts globally. The return of normal flows and potential increase in Iranian exports are easing supply concerns.
Commodities Oil Flows Through Hormuz Strait Close to Normal, US Energy Secretary Says
U.S. Energy Secretary Chris Wright said crude oil flows through the Strait of Hormuz are near pre-conflict levels, with 20 million barrels and 72 ships transiting in the last 24 hours. Benchmark oil prices fell more than $3 to their lowest since before the Iran war began in February, as supply disruption fears recede. Wright also noted Venezuela's oil exports are rising and could double to 2 million barrels per day by 2029.
Commodities Crude Oil Falls to Four-Month Low as Strait of Hormuz Traffic Improves and Iran Supply Outlook Weighs
Crude oil prices fell to four-month lows on Wednesday, with Brent crude dropping 1.8% to $75.71 per barrel and WTI falling 1.5% to $72.13, as improved tanker movement through the Strait of Hormuz and expectations of increased Iranian exports eased supply disruption concerns. The physical market also weakened, with Middle Eastern grades like Dubai, Oman, and Murban slipping into discounts. Despite the decline, analysts caution that geopolitical risks remain unresolved.
Commodities Trump Claims Record 19 Million Barrels of Oil Transited Hormuz; Prices Fall
US President Donald Trump claimed that 19 million barrels of oil transited the Strait of Hormuz on Monday, setting an all-time record. Oil prices ticked lower, with Brent crude falling to $77.45/barrel and WTI to $73.52/barrel. The US formally waived sanctions on Iranian oil for 60 days under General License X, in line with a US-Iran memorandum of understanding.
Commodities Oil prices rebound as US-Iran peace hopes temper Hormuz supply fears
Oil prices edged higher on Tuesday after a sharp decline, as investors weighed cautious optimism over US-Iran peace talks against uncertainty about the Strait of Hormuz reopening. Brent crude rose 0.38% to $78.15, while WTI gained 0.46% to $74.19. The rebound followed a >3% drop on Monday after the US granted Iran a 60-day sanctions waiver. Two crude tankers transited the Strait on Monday, suggesting flows are recovering. US Strategic Petroleum Reserve fell to 331.2 million barrels, the lowest since June 1983.
Commodities Deadly Ras Laffan Blast Raises Fresh Questions Over Qatar LNG Recovery Pace
An explosion at the Barzan gas facility within Qatar's Ras Laffan complex killed 13 workers and injured 66. QatarEnergy insists LNG exports remain unaffected, but the incident adds uncertainty to the recovery from earlier missile strikes that knocked out two LNG trains. Asian buyers and LNG shipping markets are closely watching for further setbacks.
Commodities Record Russian crude buys, stockpiling: How India secures oil supply amid Hormuz closure and US-Iran war
India, importing 90% of its crude needs, is stocking up on oil and diversifying supply sources as the Strait of Hormuz remains disrupted due to the US-Iran war. Russian crude imports hit a record 2.66 million barrels per day in June, while imports from the UAE remain near historic highs. The government has tasked ONGC with developing a new strategic petroleum reserve with an investment of roughly $1.6 billion.
Commodities India likely won't export sugar for years as El Nino, ethanol squeeze supply
India, once the world's second-largest sugar exporter, is expected to have little surplus for export for at least three more seasons as El Nino weather conditions threaten cane production and rising ethanol demand squeezes supply. The twin pressures are poised to keep millions of tons of sugar off the world market, tightening supplies for importers across Asia, Africa and West Asia and supporting benchmark prices in London and New York.
Manufacturing Semaglutide therapy market faces Rs 100 crore excess stock after initial rush
The Indian semaglutide therapy market is facing an excess stock of approximately Rs 100 crore, with stockists holding 50-60 days of inventory after a sharp slowdown in May sales. The market had surged following patent expiry in March but growth slowed drastically, leading to a halt in fresh procurement from pharmaceutical companies.
Commodities Milk Prices May Rise Again by July as El Niño Threatens Fodder Supply
Milk prices in India, already raised 2-3% in May by major dairies, may increase another 3-4% by July or August if El Niño conditions and deficient monsoon worsen fodder shortages and impact milk production, according to dairy industry executives. Companies like Amul, Mother Dairy, and Parag Milk Foods are monitoring the situation, while the Maharashtra government has urged farmers to boost fodder production.
Commodities Middle East crude slips into discounts as US-Iran deal lifts global supply outlook
Middle East crude benchmarks flipped into contango this week after the US and Iran agreed a framework deal to reopen the Strait of Hormuz, boosting supply expectations. Dubai's premium turned to a 46-cent discount, the first since January, while Oman and Murban also flipped to discounts amid weak Asian refining demand and emerging arbitrage flows to Europe and the US.
Commodities US Strategic Petroleum Reserve Falls to Lowest Level Since 1983 Amid Iran Conflict
The US Strategic Petroleum Reserve (SPR) has fallen to 340.3 million barrels as of June 12, 2026, the lowest since July 1983. The Trump administration released 8.9 million barrels over the past week, part of 75 million barrels drawn since the war with Iran began in late February. Industry officials warn the reserve could face operational constraints if the drawdown continues, with replenishment not expected before hurricane season.
Commodities India Soyabean Acreage Seen Rising Up to 10% on High Prices, Weak Monsoon Outlook
India's soyabean acreage is expected to rise by up to 10% in 2026, from 12 million hectares in 2025, driven by four-year-high prices and a forecast of below-normal monsoon rainfall due to El Nino. Farmers are shifting from water-intensive crops like sugarcane and corn. Higher output could help curb edible oil imports and ease domestic soyabean and soyameal prices.
Commodities Brent crude slips as markets await clarity on US-Iran peace deal details
Brent crude futures edged lower on Tuesday as traders remained cautious after the US-Iran peace deal announcement lacked specific terms. August Brent slipped 0.30% to $82.92, while WTI eased 0.12% to $80.65. President Trump claimed ships carrying oil are moving out of the Strait of Hormuz, but Iran's President Pezeshkian said a final agreement has not yet been reached, keeping markets on edge.
Commodities Oil Prices Still Above Pre-War Levels Despite US-Iran Truce Hopes
Oil prices remained above pre-war levels on Tuesday, trading around $80 per barrel, after the US and Iran signed a memorandum of understanding to end the conflict. WTI crude stood at $81.12 per barrel and Brent at $83.43 per barrel, as of Tuesday morning. The deal could reopen the Strait of Hormuz, which had shut in about 14 million barrels per day of output, but full details and a lasting truce have yet to be established.
Commodities FM Sitharaman Assures No Foodgrain Shortage Despite El Nino Impact on Monsoon
Union Finance Minister Nirmala Sitharaman assured that India has adequate buffer stock of foodgrains and there will be no shortage despite the impact of El Nino conditions. Speaking at the Mindmine Summit in New Delhi, she stated that the Southwest Monsoon rainfall is expected to be below normal, but sufficient fertilizer is available for the Kharif season, with Rabi supply commencing from November.
Commodities India caps diesel sales after bulk users divert 3.5 lakh tonnes to retail outlets
The Indian government capped diesel sales at retail outlets after bulk industrial and commercial users diverted 3.50 lakh tonnes to retail stations in May 2026, driven by a ₹40-42 per litre price gap. The Oil Ministry limited sales to 200 litres per person per day and reported 1,330 FIRs filed since March in LPG cases. The diversion affected 80 districts with over 30% sales shift.
Commodities No fertiliser shortage for kharif, rabi crops; govt prepared for El Nino, says Shivraj Singh Chouhan
India's agriculture minister Shivraj Singh Chouhan has stated that there will be no fertiliser shortage for the upcoming kharif and rabi crop seasons. The government has also prepared for potential El Nino conditions. The announcement provides reassurance to the agricultural sector and related trade stakeholders.
Commodities India Has Over 60 Days of Crude and Gas Stocks, Hardeep Puri Rules Out Energy Crunch
India holds over 60 days of crude and natural gas stocks and 75-80 days of LPG, according to Union Minister Hardeep Singh Puri. Domestic LPG production has risen sharply, and fuel prices have fallen 3.1% since May 2022, contrasting with steep increases in other nations. The minister also outlined a push for E85 fuel pumps and piped natural gas.
Commodities Oil Supply Recovery May Take Months Despite Strait of Hormuz Reopening, Experts Say
Despite the agreement to reopen the Strait of Hormuz, oil supply recovery is expected to take months due to stranded tankers, shut-in production, and security concerns. Experts from S&P Global, Wood Mackenzie, and Columbia University highlight slow logistics, insurance hurdles, and the need for a durable ceasefire before producers restart operations.
Commodities Oil prices ease as Iran and Israel pause attacks; Brent, WTI retreat from recent highs
Oil prices retreated on Tuesday after Iran and Israel paused attacks, with WTI falling 0.57% to $90.78 and Brent declining 0.51% to $93.77. The pullback followed a volatile session and a sharp rise on Monday. OPEC+ agreed to raise output targets for the fourth time, but analysts doubt impact due to production struggles and Strait of Hormuz risks.
Commodities India's Fertilizer Prices Drop Amid Easing Supply Strain
India's latest fertilizer tender saw prices drop significantly, indicating an easing of global supply strains. National Fertilizers Ltd. received offers between $444.90 and $617 per tonne, a stark contrast to April's prices of $935 to $959 per tonne.
Commodities LPG Market Stable Amid OMC Losses on Cylinder Sales
Despite stable LPG supplies, Indian Oil Marketing Companies (OMCs) are incurring losses of nearly Rs 700 per cylinder. The government has increased domestic production and secured imports to maintain supply levels.
Trade Oman Boosts Petchem, Fertiliser Exports as FTA Begins
Oman and India have initiated a free trade agreement, enhancing trade in petrochemicals and fertilisers. The agreement, effective June 1, 2026, reduces tariffs on 99% of Indian exports and 78% of Omani imports.
Commodities Fertilizer Subsidy Strain Amid Geopolitical Tensions
India's fertilizer subsidy is under pressure as 20% is exhausted within two months due to geopolitical tensions and a below-normal monsoon forecast. The government is taking steps to manage demand and ensure supply.