Oil, LPG Gas Cylinder Crisis News Live Updates: Oil prices ease after Iraq and Turkey sign deal to resume exports via Ceyhan port
Crude oil storage tanks are seen, Tuesday, March 17, 2026, in Baltimore. (AP Photo)
India LPG Gas Cylinder, Oil Shortage Live News Updates: Benchmark Brent crude futures dropped back to hover around $101 per barrel on Wednesday morning, after the Iraqi government and Kurdish authorities reached a deal to resume oil exports via Turkey’s Ceyhan port, providing modest relief to concerns about Middle East supplies, Reuters reported. West Texas Intermediate (WTI) crude dropped below $94 per barrel.
Iraq’s oil minister Hayan Abdel-Ghani announced that oil flows from Ceyhan are expected to start at 0700 GMT on Wednesday, according to state media. Iraq was seeking to pump at least 100,000 barrels per day of crude through the port, officials told Reuters earlier this week. With the Iran conflict effectively shutting down the vital Strait of Hormuz through which some 20% of global oil passes, oil production from Iraq’s main southern oilfields, plunged 70% to just 1.3 million bpd, according to the report.
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In India: In a bid to rapidly expand piped natural gas (PNG) access and coverage amid the shortage of liquefied petroleum gas (LPG) due to the West Asia conflict, the Centre has written to States to expedite approvals to city gas distribution (CGD) firms for laying pipelines. With the effective halt in maritime traffic through the critical chokepoint of the Strait of Hormuz, India’s LPG supplies have been majorly hit.
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