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Kuwait revenues slip, Iraq exports hit, Saudi gains windfall: How Hormuz blockade is reshaping Gulf oil fortunes


Kuwait revenues slip, Iraq exports hit, Saudi gains windfall: How Hormuz blockade is reshaping Gulf oil fortunes

The Middle East conflict, now in its sixth week, continues to send shockwaves across the world. From energy supply disruptions to rising fuel prices, several countries are being forced into emergency measures such as work-from-home policies and cost hikes. Meanwhile, the Gulf region is witnessing a split oil reality! While for some producers, soaring crude prices cushion export losses, others are facing sharp drops in revenues.The disruption followed US and Israeli airstrikes on Iran at the end of February, after which Iran effectively shut the Strait, a route for about a fifth of global oil and LNG flows. It later allowed vessels without US or Israeli links to pass, enabling limited transit, though markets continued to face “unprecedented disruption.”

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Iran Stops Qatari LNG Tankers Near Strait Of Hormuz Despite Trump’s Warning

International Brent crude rose by 60% in March, a record monthly increase. A Reuters analysis said the surge delivered “financial windfalls to Iran, Oman and Saudi Arabia,” even as crude and condensate exports from most Gulf countries fell sharply. The impact has largely depended on geography, with some countries able to bypass the Strait via pipelines, while others remain heavily reliant on it.

Saudi Arabia

Saudi Arabia’s crude exports dropped to 136 million barrels in March from 181.8 million a year earlier, a 26% year-on-year fall to 4.39 million barrels per day. Despite this, revenues rose to $13.5 billion from $13 billion. Higher prices lifted the value of exports by roughly $558 million compared with a year earlier and boosted royalties and taxes from state oil giant Aramco. The kingdom had increased exports in February to their highest level since April 2023 ahead of potential escalation involving Iran.Additionally, Saudi Arabia has also been able to bypass the Strait through its East-West pipeline linking eastern oilfields to the Red Sea. The pipeline operates at a capacity of 7 million barrels per day, with around 5 million barrels per day available for export. Loadings from Yanbu averaged 4.6 million barrels per day in the week starting March 23, despite attacks targeting the hub.

Iran

Iran’s crude exports remained largely unchanged at 57.4 million barrels compared with 58.5 million a year earlier. However, revenues increased to $5.7 billion from $4.2 billion.According to Reuters, Iran’s revenues rose by 37%. Iran also eased transit restrictions, allowing vessels without US or Israeli links to pass through the Strait, enabling some tanker movement despite the broader shutdown.

Oman

Oman exported 29.1 million barrels in March, down from 32 million a year earlier. Even so, revenues rose to $2.9 billion from $2.3 billion, marking a rise of 26%, according to Reuters.

United Arab Emirates

The UAE’s exports fell to 66 million barrels from 94.5 million a year earlier, while revenues edged down to $6.6 billion from $6.8 billion. Export values declined by more than $174 million year-on-year in March.The country has been partly shielded by the Habshan-Fujairah pipeline, which bypasses the Strait and carries between 1.5 and 1.8 million barrels per day. However, Fujairah has come under a series of attacks that led to loading halts, limiting the extent of this buffer.

Kuwait

Kuwait’s exports dropped sharply to 8.7 million barrels from 45.5 million a year earlier. Revenues fell to $0.9 billion from $3.3 billion.The analysis noted that Kuwait’s revenues “plunged by about three-quarters year-on-year,” reflecting its reliance on the Strait and lack of alternative export routes.

Qatar

Qatar exported 5.6 million barrels in March, down from 23.8 million a year earlier. Revenues declined to $0.6 billion from $1.7 billion, marking a year-on-year drop of $1.2 billion.

Iraq

Iraq saw a grim picture, recording one of the sharpest declines in exports, falling to 17.4 million barrels from 101.7 million a year earlier. Revenues plunged to $1.7 billion from $7.3 billion.The agency’s analysis noted that Iraq has suffered the biggest fall with revenue tumbling 76%.The International Energy Agency described the situation as the world’s biggest energy supply shock yet, citing more than 12 million barrels per day of regional shut-ins and damage to about 40 energy facilities.Meanwhile, US President Donald Trump has threatened to rain “hell” on Tehran unless a deal is reached to reopen the Strait, but Iran has indicated it will not do so as part of a temporary ceasefire. The development comes as the Middle East war has crossed the one-month mark, with no end in sight.



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‘We’re losing in key moments’: Klaasen reveals what’s hurting SRH in IPL 2026 | Cricket News


‘We’re losing in key moments’: Klaasen reveals what’s hurting SRH in IPL 2026
Sunrisers Hyderabad’s Heinrich Klaasen (AP Photo)

NEW DELHI: Heinrich Klaasen has candidly assessed what’s going wrong for Sunrisers Hyderabad in IPL 2026, pointing to lapses in batting execution and poor fielding as the key reasons behind their inconsistent start.Despite registering just one win in three matches, Klaasen believes it is “still early days” and is confident the 2016 champions will bounce back. “Our batting has been good so far, but we missed out about 40 runs in three games. We need to bat better. The two games that we struggled, we didn’t execute with the bat,” he said.

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Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!SRH’s defeats against Royal Challengers Bengaluru and Lucknow Super Giants exposed their shortcomings in crunch phases, something Klaasen openly acknowledged.“Our fielding has been poor and that’s what is affecting us. I will give us 6 out of 10 so far. We played some brilliant cricket in phases but lost out in the crucial moments,” he admitted.While the bowlers — especially the pacers — have largely stuck to their plans, Klaasen stressed the need for collective improvement. “Bowlers are hanging on as per plan, the rest of the batting is doing well. I’ll give it 80 per cent, but our fielding needs to improve. We need to hold onto our catches.”He also underlined the importance of bigger totals. “We need to get to the 220-230 mark to give our bowlers a chance of defending.”Klaasen finding form amid team strugglesOn a personal note, Klaasen has been one of SRH’s bright spots, scoring consecutive fifties. “Unfortunately we lost two games, but it’s been a good start for me. I would like to continue this form,” he said.Batting at No. 4, the South African relishes his role of adapting to different match situations. “It’s a role I’ve played throughout my career. My job is to keep going even if Ishan Kishan, Abhishek Sharma or Travis Head are going. Every game brings a different situation.”With a clash against Punjab Kings next, SRH will look to fix their flaws and convert promising phases into complete performances.



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12 million barrels of crude! India ramps up Venezuela oil imports to 6-year high amid US-Iran war, Hormuz crisis


12 million barrels of crude! India ramps up Venezuela oil imports to 6-year high amid US-Iran war, Hormuz crisis
India is actively looking to offset supply disruptions from the Middle East caused by the Iran conflict. (AI image)

Amid the raging US-Israel-Iran war, India is set to get high volumes of crude oil from Venezuela as the Strait of Hormuz supply disruptions continue. Shipping data quoted by Kpler indicates that over 12 million barrels of Venezuelan crude are expected to arrive on India’s western coast this month, the largest volume since February 2020. This marks the highest level of Venezuela crude oil purchases in the last six years for India.India is actively looking to offset supply disruptions from the Middle East caused by the Iran conflict.

Venezuelan Crude Flows Into India

According to a Bloomberg report quoting Kpler’s lead research analyst Sumit Ritolia, the shipments arriving in April were likely contracted before the recent disruptions in Middle Eastern supplies. “This underscores a longer-term strategic shift rather than a purely reactive move,” he was quoted as saying.India, which relies on imports for about 90% of its crude oil needs, has been exploring alternative sources after the conflict affected flows through the Strait of Hormuz, a route that typically handles nearly 40% of its oil supplies.

Venezuela oil for India

Venezuela produces similar sulphur-heavy grades, and India had earlier been a major buyer from the OPEC nation before trade declined due to US sanctions, which were eased by Washington following the capture of President Nicolás Maduro in January.The Suezmax vessel Ottoman Sincerity, transporting close to 1 million barrels of Boscan crude, has reached the Sikka port operated by Reliance Industries Ltd., marking the first shipment of Venezuelan oil to India in the past year. The cargo, consisting of asphaltic-grade crude, was loaded through ship-to-ship transfers near the Caribbean island of Aruba.Reliance, which holds approval from the US to directly procure crude from Venezuela’s state-run PDVSA, has also taken delivery of another shipment this week. This consignment was loaded onto the Bahamas-flagged very large crude carrier Helios, indicating a shift away from earlier sourcing methods that involved intermediaries such as Vitol Group and Trafigura, the Bloomberg report said.

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According to Ritolia, heavier Venezuelan crude typically produces a larger share of middle distillates, including diesel and jet fuel, which is particularly relevant at a time when these segments remain in tight supply. Data from Kpler indicates that a significant portion of these imports consists of Venezuela’s key export grade, the Merey blend.



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‘Dhoni’s absence doesn’t make much difference’: SRH star’s candid take on CSK | Cricket News


‘Dhoni’s absence doesn’t make much difference’: SRH star’s candid take on CSK

NEW DELHI: Sunrisers Hyderabad batter Heinrich Klaasen has made a striking assessment of Chennai Super Kings, stating that the absence of their charismatic former skipper MS Dhoni “doesn’t really make much of a difference” to the five-time champions in IPL 2026.Speaking after Sunrisers Hyderabad’s mixed start to the season, Klaasen downplayed the impact of Dhoni’s absence as a player, suggesting that CSK’s strength lies beyond one individual.“CSK has got an incredible IPL record. Even with Dhoni not being there, they are not much of a lesser side. They are a very strong side. It’s not going to be an easy game,” Klaasen told the JioStar Press Room.‘Impact more in leadership than batting’While acknowledging Dhoni’s stature, Klaasen emphasised that the veteran’s absence is felt more in leadership than in his on-field contributions with the bat.“Dhoni not being there doesn’t really make much of a difference. It is more about other guys. I don’t think his absence will make such a big impact except for his leadership,” he noted.The South African also pointed out that Dhoni’s recent batting roles have been limited. “He has been coming to bat for just 5-10 balls in the last few years,” Klaasen added, underlining why CSK remain competitive even without their iconic finisher.SRH confident despite slow startKlaasen’s comments come at a time when SRH are looking to bounce back after two defeats in their first three matches. Their only win so far has come against Kolkata Knight Riders, while losses to Royal Challengers Bengaluru and Lucknow Super Giants have exposed gaps.Despite the setbacks, Klaasen remains optimistic. “It’s still early days in the tournament. We are confident we will fire in all departments going forward,” he said.SRH are also dealing with the temporary absence of skipper Pat Cummins, with Ishan Kishan stepping in as captain.Targeting CSK’s batting depthLooking ahead to their clash against CSK, Klaasen stressed the need to apply pressure on a strong batting lineup.“Shivam (Dube) is in good form, their openers are fantastic — we just need to squeeze them a bit more,” he said.Klaasen, known for his aggressive approach, also spoke about his comfort against spin. “I’ve played a lot against spinners. They are coming for me and I am going after them,” he said.With both teams aiming to find consistency, Klaasen’s candid take adds spice to what promises to be a high-stakes encounter.



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‘To the winner belong the spoils’: Trump eyes Iranian oil, says ‘I am a businessman first’


'To the winner belong the spoils': Trump eyes Iranian oil, says 'I am a businessman first'

As tensions rise in the Middle East, US President Donald Trump has suggested that the United States could take control of Iran’s oil, saying he looks at it from a business point of view and that the spoils belong to the “winner”. Speaking at the White House, Trump said, “if I had my choice, I’m a businessman first”, when asked about securing Iranian oil. He further referred to US actions in Venezuela, saying, “If I had my choice. Yeah, cause I’m a businessman first. We are a partner with Venezuela, and we’ve taken hundreds of millions of barrels.” Trump also spoke about the idea of gaining from war. “You know that to the winner belong the spoils. Go for the spoils. I’ve said why don’t we use it to the victor go the spoils. We haven’t had that in this country, probably in a hundred years. We didn’t have it with the Second World War. We helped rebuild all those countries,” he said. He criticised US allies for not supporting Washington in the conflict with Iran. “Japan didn’t help us, Australia didn’t help us, South Korea didn’t help us, and then you get to Nato, Nato didn’t help us,” Trump said. He added, “We’ve got 50,000 soldiers in Japan to protect them from North Korea; we have 45,000 soldiers in South Korea to protect us from Kim Jong Un.” At the same time, Trump praised some Persian Gulf countries. “Saudi Arabia has been excellent, Qatar has been excellent, UAE has been excellent, Bahrain, Kuwait,” he said. Trump also warned that Iran could be “taken out” in a single night, and said this could happen as early as Tuesday. He claimed that US forces have carried out more than 10,000 combat flights and struck over 13,000 targets in the past 37 days. These developments come at a time when the Middle East crisis has stretched into the sixth week, disrupting key energy supplies across the world. The conflict began on February 28, when Israel and US launched joint strikes on Iran, after which Iran choked the crucial Strait of Hormuz, effectively disrupting oil supply flows acorss the globe.



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MI vs RR, IPL 2026: 5 players to watch in today’s match | Cricket News


MI vs RR, IPL 2026: 5 players to watch in today’s match
Vaibhav Sooryavanshi, Jasprit Bumrah and Hardik Pandya (Agency Image)

As Rajasthan Royals take on Mumbai Indians in Guwahati, the contest brings together a side riding early momentum and another eager to bounce back with a full-strength XI. With key match-ups likely to shape the outcome, here are five players who could define the clash. 1. Vaibhav Sooryavanshi The teenage sensation has been at the centre of Rajasthan Royals’ explosive starts this season. But this is his biggest test yet. Having dominated bowlers over the past year, Sooryavanshi now comes up against a completely different challenge in Jasprit Bumrah. If he can counter the MI spearhead, it could once again set the tone for Royals. 2. Jasprit Bumrah Whenever Mumbai Indians need control, Bumrah delivers. His record against several RR batters, including Shimron Hetmyer, makes him a key figure yet again. Whether it is early breakthroughs or death-over precision, Bumrah’s impact could dictate the game. 3. Yashasvi Jaiswal Jaiswal has been crucial at the top but faces a tricky match-up against Hardik Pandya. His struggles against the MI skipper in previous encounters make this a battle to watch. If Jaiswal can overcome that hurdle, RR’s powerplay could once again be dominant. 4. Hardik Pandya Expected to return after missing the last game, Pandya adds balance to the MI lineup. His ability to contribute with both bat and ball, especially against key players like Jaiswal, could prove decisive in shifting momentum. 5. Sandeep Sharma Often underrated, Sandeep holds a strong record against MI’s biggest names. His success against Rohit Sharma and Suryakumar Yadav makes him a vital weapon with the new ball. Early wickets from him could put Mumbai on the back foot.With Rajasthan Royals already off to a perfect start, a third straight win would take them to the top of the table and further strengthen their early-season momentum. However, Mumbai Indians, bolstered by the expected return of Hardik Pandya, will be desperate to turn their fortunes around. With conditions in Guwahati offering some early movement but promising runs once set, the contest could swing either way. In what shapes up as a high-scoring clash, these key battles might ultimately decide whether Rajasthan continue their surge or Mumbai mount a strong comeback.



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Air India revises fuel surcharge amid energy crunch; here’s how much more you will pay


Air India revises fuel surcharge amid energy crunch; here’s how much more you will pay

Aviation giant Air India group on Tuesday revised its fuel surcharge across domestic and international routes, as Middle East tensions continued to weigh oil supplies across the globe. The move follows the decision by the ministry of petroleum & natural gas and the ministry of civil aviation to cap the increase in domestic aviation turbine fuel (atf) prices at 25%. For domestic travel, the airline will replace its existing flat surcharge with a distance-linked structure. The revised domestic surcharge will come into effect from 0901 hrs IST on April 8, 2026, and will apply across the group, including Air India Express flights.As per the latest data released by the International Air Transport Association (IATA), the global average jet fuel price nearly doubled within a month, rising from $99.40 per barrel at the end of February to $195.19 for the week ending March 27, 2026.

Here’s how much more you will pay from Wednesday:

  • Passengers flying up to 500 km will pay an additional Rs 299 per sector.
  • Those travelling between 501 and 1,000 km will be charged Rs 399.
  • Journeys of 1,001 to 1,500 km will attract Rs 549.
  • For distances between 1,501 and 2,000 km, the surcharge will be Rs 749.
  • The surcharge will further increase to Rs 899 for sectors beyond 2,000 km.

On the international front, the airline has introduced steeper revisions, citing the lack of similar price controls on ATF. Effective from 0901 hrs IST on April 8, 2026, passengers flying to SAARC destinations (excluding Bangladesh) will pay a surcharge of $24 per sector. Charges for the Middle East have been set at $50, while routes to China and Southeast Asia (excluding Singapore) will attract $100. The surcharge for Singapore stands at $60, and for Africa at $130.For flights to Europe, including the United Kingdom, the surcharge has been fixed at $205. Meanwhile, passengers travelling to North America and Australia will be charged $280 per sector, with these rates taking effect from 0001 hrs IST on April 10, 2026.

Why Air India introduced the surcharge?

The airline pointed out that the increase is not limited to crude oil prices alone. Refinery margins, referred to as ‘crack spread’, have also surged sharply, climbing from $27.83 per barrel for the week ending February 27 to $81.44 by March 27. This combination has intensified cost pressures for airlines worldwide. Air India stated that even after the revision, the updated international fuel surcharge does not fully offset the rise in fuel costs, and a substantial portion continues to be absorbed by the airline. The airline added that revisions for flights to and from Bangladesh, along with Far East destinations such as Japan, Hong Kong and South Korea, will be announced later, subject to regulatory approvals. Air India clarified that tickets issued before the revised timelines will not be subject to the new surcharge unless passengers make changes to their travel plans that require a recalculation of fares.



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Mohsin Khan: ‘My mother inspired me, gave me strength’: Mohsin Khan on IPL comeback | Cricket News


‘My mother inspired me, gave me strength’: Mohsin Khan on IPL comeback
LSG pacer Mohsin Khan during a practice session.

LUCKNOW: Lucknow Super Giants left-arm pacer Mohsin Khan, who has made a comeback in IPL after a 14-15 months’ rehabilitation following an injury, said that he could return due to the inspiration of his mother who passed away two months ago.“The long injury layoff pushed me into self-doubt, but my mother kept encouraging me throughout my recovery. When I was unavailable for competitive cricket, and after surgery during rehab, many times negative thoughts came to my mind,” he said.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!“I wondered if I would ever play again because I was out for 14-15 months. But my mother always supported me and told me that I would play again,” he said.“My mother’s dream was to see me play IPL and competitive cricket again. I was in the LSG camp and had returned from Bengaluru, and she passed away the same day,” Mohsin said.He said he was close to his mother and used to speak to her a lot on phone calls.“After her death, I was in trauma. I did not practice for a month,” he said.On being retained by LSG despite his injury struggles, Mohsin admitted he did not expect it.He credited LSG physio Vaibhav Daga, trainer Soham, and bowling coach Bharat Arun for helping him regain fitness and rhythm.“I also practised with pacer Mohammed Shami at his farm in Amroha. He has set up a good gym and ground at his farm. We discussed bowling nuances and told me about any shortcomings,” Mohsin explained.



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