OPEC+ is expected to keep December oil production targets unchanged as US-Iran war disruptions continue to affect Gulf oil exports and supplies.
Jaishankar said India has been calling on the parties to address the issues, which include discussions on protecting seafarers and restoring grain exports.
Oil exports help pay for Moscow’s war effort and Ukraine is trying to hit them hard.
Oil prices rise as investors watch Iran talks, Houthi attacks, Middle East tensions and falling Gulf oil exports amid concerns about global fuel supplies.
Saudi crude exports via Hormuz were on track to rebound to 3.6 million barrels per day (bpd) in September, up from about 900,000 bpd in August, data from analytics firm Kpler showed
The World Trade Organization released a report warning that escalating trade wars and the rise of competing trade blocs could cut global GDP by up to 6.9% and shrink exports by nearly 27% by 2050. The analysis highlights that fragmented trade would hurt all economies, especially the poorest nations, while stronger multilateral cooperation could boost growth.
India will host the BRICS summit in New Delhi on September 12-13, 2026, under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” The report highlights that India’s trade with fellow BRICS members shows a $226 billion deficit despite growing intra‑bloc commerce.
