Indian PM Urges Reduced Fuel Use amid Middle East War Disruption

FILE PHOTO: Workers assemble Ather 450X electric scooter inside Ather Energy's manufacturing facility in Hosur in southern state of Tamil Nadu, India, March 23, 2025. REUTERS/Nandan Mandayam/File Photo
FILE PHOTO: Workers assemble Ather 450X electric scooter inside Ather Energy's manufacturing facility in Hosur in southern state of Tamil Nadu, India, March 23, 2025. REUTERS/Nandan Mandayam/File Photo
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Indian PM Urges Reduced Fuel Use amid Middle East War Disruption

FILE PHOTO: Workers assemble Ather 450X electric scooter inside Ather Energy's manufacturing facility in Hosur in southern state of Tamil Nadu, India, March 23, 2025. REUTERS/Nandan Mandayam/File Photo
FILE PHOTO: Workers assemble Ather 450X electric scooter inside Ather Energy's manufacturing facility in Hosur in southern state of Tamil Nadu, India, March 23, 2025. REUTERS/Nandan Mandayam/File Photo

Prime Minister Narendra Modi on Sunday urged the people of India to cut down on petrol and diesel consumption amid supply disruptions due to the Middle East war.

India is one of few countries in the region that has not increased prices of petrol and diesel for domestic consumers or rationed supplies, according to AFP.

But it has increased prices of liquefied petroleum gas (LPG) -- a primary cooking fuel in the country -- after disruptions following the US-Israeli strikes on Iran, which led to Iran's near-total blockade of the strategic Strait of Hormuz.

"We have to reduce our use of petrol and diesel. In cities with metro lines, we should try to travel by metro...If we must use a car, then we should try to car pool," Modi said Sunday, addressing a gathering in southern Telangana state.

He added that restrictions on use were also necessary to save foreign currency spent on fuel imports.

"We must also place a strong emphasis on saving foreign exchange, as petrol and diesel have become so expensive globally."

Modi also urged people to resume energy-saving schemes that were in place during the Covid pandemic.

"We should prioritize work from home, online conferences, and virtual meetings again," he said.

Hardeep Singh Puri, India's minister for petroleum and natural gas, said oil marketing companies (OMCs) had taken a hit on their revenues while ensuring "uninterrupted energy imports and supply."

"OMCs are buying crude, gas and LPG at higher cost, but in order to protect consumers, they are selling final products at lower cost leading to massive mounting losses of up to 1,000 crore rupees (approximately $120 million) per day," Puri said Sunday on X.

He added that losses for the government, after reducing taxes on diesel and petrol for domestic consumption, "saw revenue losses of 14,000 crore rupees (approximately $1.6 billion) in a month."

He urged citizens to turn Modi's "empathetic appeal" into a mass movement "to save and conserve energy."



Google to Pay Musk $920 Million a Month for AI Computing Capacity

The headquarters of Space Exploration Technologies Corp. (SpaceX) in California. (AFP)
The headquarters of Space Exploration Technologies Corp. (SpaceX) in California. (AFP)
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Google to Pay Musk $920 Million a Month for AI Computing Capacity

The headquarters of Space Exploration Technologies Corp. (SpaceX) in California. (AFP)
The headquarters of Space Exploration Technologies Corp. (SpaceX) in California. (AFP)

SpaceX on Friday signed a blockbuster cloud computing agreement under which Google will pay the Elon Musk-founded rocket company $920 million per month for access to a massive cluster of AI chips, according to a disclosure in its initial public offering filing.

The deal, which will bolster SpaceX's finances ahead of its IPO on June 12, covers a computing infrastructure of approximately 110,000 Nvidia GPUs -- the crucial hardware needed to power Google's Gemini AI models.

The filing says Google will begin paying the full monthly rate in October 2026, with a reduced fee applying during a ramp-up period until then, AFP reported.

The agreement runs through June 2029, implying total payments of roughly $30 billion over the life of the contract.

The deal resembles one struck with AI giant Anthropic, in which SpaceX leased compute capacity at its Colossus data centers in Memphis, Tennessee for $1.25 billion a month.

The facilities were originally built to power Musk's rival AI venture, xAI.

SpaceX's IPO filing revealed that xAI last year posted an operating loss of $6.4 billion on total revenue of $3.2 billion.

"This is a short-term, timely agreement to ensure we have bridge capacity to meet surging customer demand for our agent platform, Gemini Enterprise, which has been even higher than we expected," a Google Cloud spokesperson said in an email to AFP.

The filing adds that after December 31, "the agreement may be terminated by either party upon 90 days' notice."

The deals with Google and Anthropic come just days ahead of SpaceX's IPO, which will be the biggest in history, valuing the company at $1.8 trillion.

That valuation is largely based on faith that Musk can deliver on his ambitions to vastly expand his Starlink satellite business, put data centers into space using SpaceX rockets, as well as begin colonizing Mars.


Rosneft: US Companies Benefit from Strait of Hormuz Closure

Igor Sechin, Chief Executive Officer of Rosneft, during the St. Petersburg International Economic Forum, June 5, 2026 (Reuters).
Igor Sechin, Chief Executive Officer of Rosneft, during the St. Petersburg International Economic Forum, June 5, 2026 (Reuters).
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Rosneft: US Companies Benefit from Strait of Hormuz Closure

Igor Sechin, Chief Executive Officer of Rosneft, during the St. Petersburg International Economic Forum, June 5, 2026 (Reuters).
Igor Sechin, Chief Executive Officer of Rosneft, during the St. Petersburg International Economic Forum, June 5, 2026 (Reuters).

Rosneft Chief Executive Igor Sechin said on Saturday that US energy companies were the main beneficiaries of the closure of the Strait of Hormuz but warned that continued tensions in the artery for one fifth of the world's crude would undermine long-term demand for oil.

Iran blockaded the Strait, the main route for about a fifth of world oil supplies and other vital goods including fertilisers, after the United States and Israel attacked Iran and killed Supreme Leader Ali Khamenei in February. The US has blockaded Iranian ports.

Sechin, a close ally of President Vladimir Putin and one of the most influential men in Russia's energy sector, cast the US actions as an attempt to change the fundamental contours of the global energy markets to suit US interests, but added that the strategic risks had not been fully assessed.

"The closure of the Strait of Hormuz is an attempt to reshape global energy market regulations to benefit the United States. The measures taken to block the strait were aimed at Iran, but backfired on the entire world. The strategic risks were underestimated," Sechin said at the St. Petersburg International Economic Forum.

"The main beneficiaries, of course, were American companies, which gained non-competitive advantages and the ability to secure high-cost supplies," he said.

"Continued tension in the Strait of Hormuz for a long time undermines the long-term demand for oil. It may also trigger another surge of interest in alternative energy."

If the Strait opens in the near future, then the oil price will be at $95 to $96 per barrel by the end of the year, and in a year it will drop to $80 to $85, and by the second half of 2027 there will be a return to market fundamentals, he said.


First Two of Riyadh Air’s Custom-Built 787-9 Dreamliners Arrive in Saudi Arabia

The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
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First Two of Riyadh Air’s Custom-Built 787-9 Dreamliners Arrive in Saudi Arabia

The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)

Riyadh Air, Saudi Arabia’s new national carrier and a company wholly owned by the Public Investment Fund (PIF), has announced the arrival of its first two custom-built Boeing 787-9 Dreamliners at King Khalid International Airport in Riyadh.

The aircraft arrived in tandem on Friday at approximately 10 a.m. local time, receiving a water cannon salute upon touchdown.

The aircraft – using the call signs Riyadh 1 and Riyadh 2 and registered as HZ-RXAA and HZ-RXAB – are the first of Riyadh Air’s 72 state-of-the-art Dreamliners.

Their arrival marks the commencement of the carrier's broader strategy to expand its fleet to more than 180 narrow-body and wide-body aircraft.

Leveraging Saudi Arabia’s strategic location at the crossroads of Asia, Africa, and Europe, Riyadh Air aims to connect the capital to over 100 global destinations by 2030, with plans to fly to nearly 20 destinations by the end of this year.

Commenting on the arrival, Riyadh Air CEO Tony Douglas said: “To see our very first custom-built Dreamliners touch down in Riyadh is a truly historic moment for us, and a momentous day for Saudi aviation as part of Vision 2030. I could not be more excited or more confident about the future and the legacy we are creating.”

“Not only are we building an airline, we are opening a new gateway to the world from the heart of the Kingdom. We are absolutely ready and excited to welcome the world to Riyadh,” he added.