After queuing for four days without success in exchanging a gas cylinder for cooking, Maya Rani and millions of Indian families are struggling amidst a broken energy supply chain.
Thai deputy prime minister Phiphat Ratchakitprakarn announced the country has discussed with the Russian government the possibility of purchasing crude oil.
US consumers are paying an additional 0,2 USD per liter for gasoline since the outbreak of conflict in the Middle East, which has disrupted global energy supplies.
Shipping data indicates Iranian crude oil is still transiting the Strait of Hormuz at near-normal rates, exceeding one million barrels per day, despite recent attacks by Israel and the U.S. and Iran's retaliatory strikes.
Countries' announcements of strategic petroleum reserve releases have not calmed the market, as Brent crude oil prices on the morning of 11/3 exceeded USD 100 per barrel.
South Korea, Hungary, and Croatia have capped domestic fuel prices, while Bangladesh closed schools and the Philippines reduced workdays for civil servants to conserve fuel.
Crude oil recorded its second consecutive session of decline, following news that the International Energy Agency (IEA) proposed member countries release a record amount of oil from strategic reserves.
