The European Union has agreed to ban seaborne imports of Russian oil. This would be done in a phased period of six months for crude products and eight months for refined products. But EU has not entirely banned Russian oil imports. How will this affect Russia?

EU’s partial ban on Russian oil: How will it affect Russia?

Sri Lanka took delivery of Russian oil on Saturday despite US sanctions amid an acute foreign exchange crunch which has&nbsp;left the government unable to finance crude imports.&nbsp;

The island nation is suffering its worst economic meltdown since independence&nbsp;with shortages of fuel and other vital goods amid large scale protests in the country.&nbsp;

The Russian crude delivery had been waiting offshore of the capital Colombo's port for over a month as the country was unable to raise $75 million to pay for it, energy minister Kanchana Wijesekera said.

Colombo is also in talks with Moscow to arrange direct supplies of crude, coal, diesel and petrol despite US-led sanctions.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/Be-hktI8l2c" title="YouTube video player" width="560"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"I have made an official request to the Russian ambassador for direct supplies of Russian oil," Wijesekera said.&nbsp;

Saturday&nbsp;also marks the 50th day of Galle Face protests as demonstrators have been demanding the resignation of Sri Lanka President Gotabaya Rajapaksa and the Rajapaksa administration&nbsp;which forced Sri Lanka's Prime Minister Mahinda Rajapaksa to resign earlier this month.

(With inputs from Agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Sri Lanka took delivery of Russian oil on Saturday despite US sanctions amid an acute foreign exchange crunch which has left the government unable to finance crude imports.

Sri Lanka took delivery of Russian oil on Saturday despite US sanctions amid an acute foreign exchange crunch which has left the government unable to finance crude imports. The island nation is suffering its worst economic meltdown since independence with shortages of fuel and other vital goods amid large scale protests in the country. The Russian crude delivery had been waiting offshore of the capital Colombo's port for over a month as the country was unable to raise $75 million to pay for it, energy minister Kanchana Wijesekera said. Colombo is also in talks with Moscow to arrange direct supplies of crude, coal, diesel and petrol despite US-led sanctions. × "I have made an official request to the Russian ambassador for direct supplies of Russian oil," Wijesekera said. Saturday also marks the 50th day of Galle Face protests as demonstrators have been demanding the resignation of Sri Lanka President Gotabaya Rajapaksa and the Rajapaksa administration which forced Sri Lanka's Prime Minister Mahinda Rajapaksa to resign earlier this month. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sri Lanka buys Russian oil amid economic meltdown

India's response to the crude-oil shock has been quick. It seems to be visibly changing its oil-supply chain. The most visible change is the absence of the US from the top suppliers league in Q2CY22.

US not among India's top oil suppliers, import from Russia go up

Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about weak economic growth in China, the world's top oil importer, outweighed fears of potential supply stress from a looming European Union ban on Russian crude.

Oil down $1 on China growth worries, EU weighs Russian crude ban

Inflation and high crude prices are two of the biggest challenges faced by world economies now. In such a situation, processed foods sector and producers are going for increasing productivity to meet new challenges. To discuss more on the macro challenges and road ahead today we are joined by Mr

Inflation & high crude prices are two of the biggest challenges | RS Sodhi Exclusive

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months.

As per IEA the "unanimous" agreement to release the stock was reached by the organisation's 31 members on April 1. As per a Reuters report, about half of the 120 million barrels will be contributed by the United States.

Also read |&nbsp;<a href="https://www.wionews.com/world/white-house-says-us-ready-to-become-indias-reliable-supplier-to-counter-russia-dependence-468962">White House says US ready to become India's 'reliable supplier' to counter Russia dependence</a>

This is the largest stock release in the history of organisation and was confirmed by the Governing Board of the IEA as reported by Xinhua news agency.

Earlier IEA had released 62.7 million barrels of crude oil on March 1st and this recently announced release is the second release of reserves since the conflict in Ukraine started on February 24th.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/white-house-says-india-imports-only-1-2-of-russias-total-energy-imports-468628">White House says India imports only 1-2% of Russia's total energy imports</a>

The release of crude reserves aims to drive down the rising fuel prices around the globe.

However, experts and analysts have warned that even with the emergency reserve releases oil supply remains tight.

India, which is one of the largest importers of oil has announced that it is evaluating ways to support IEA's move.

Watch |&nbsp;Gravitas: Petrol, Diesel prices soar in India

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-petrol-diesel-prices-soar-in-india-468944/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions."&nbsp;

Before the Russian attack on Ukraine, IEA members held a collective emergency stockpile of 1.5 billion barrels of crude.

(With inputs from agencies)

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months.

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months. As per IEA the "unanimous" agreement to release the stock was reached by the organisation's 31 members on April 1. As per a Reuters report, about half of the 120 million barrels will be contributed by the United States. Also read | White House says US ready to become India's 'reliable supplier' to counter Russia dependence This is the largest stock release in the history of organisation and was confirmed by the Governing Board of the IEA as reported by Xinhua news agency. Earlier IEA had released 62.7 million barrels of crude oil on March 1st and this recently announced release is the second release of reserves since the conflict in Ukraine started on February 24th. Also read | White House says India imports only 1-2% of Russia's total energy imports The release of crude reserves aims to drive down the rising fuel prices around the globe. However, experts and analysts have warned that even with the emergency reserve releases oil supply remains tight. India, which is one of the largest importers of oil has announced that it is evaluating ways to support IEA's move. Watch | Gravitas: Petrol, Diesel prices soar in India "In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions." Before the Russian attack on Ukraine, IEA members held a collective emergency stockpile of 1.5 billion barrels of crude. (With inputs from agencies)

Amid global energy crisis, IEA to release 120 million barrels of crude, India supports decision

US President Joe Biden announced on Thursday that his government will release one million barrels of oil per day from the nation's strategic petroleum reserve for the next six months, this is a part of Biden administration's efforts to keep the oil prices under control.

United States to release crude from strategic stockpile reserves

As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years.&nbsp;

As per reports, Aramco has also planned to expand its liquids to chemicals capacity and is targeting investment in renewable energy and nature-based solutions.&nbsp;

As quoted by Upstream, Amin Nasser, who is the President and CEO of Aramco said: "Our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy."&nbsp;

He added, "We recognise that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity."&nbsp;

On Sunday (March 20), Aramco posted a 124 per cent jump in 2021 net profit due to higher crude prices, as global economic growth recovered from the pandemic induced 2020 downturn.&nbsp;

The company said in a statement, "Aramco's net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020."&nbsp;

Aramco, Saudi Arabia's cash cow, achieved a net income of $88.2 billion in 2019 before the coronavirus (COVID-19) pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others.&nbsp;

The announcement came hours after Yemen's Huthi rebels, against whom the kingdom is leading a military coalition, targeted an oil facility in southern Saudi Arabia and at a time of increased crude market volatility due to Russia's invasion of Ukraine.&nbsp;

Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public offering.&nbsp;

As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years.

As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years. As per reports, Aramco has also planned to expand its liquids to chemicals capacity and is targeting investment in renewable energy and nature-based solutions. As quoted by Upstream, Amin Nasser, who is the President and CEO of Aramco said: "Our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy." He added, "We recognise that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity." On Sunday (March 20), Aramco posted a 124 per cent jump in 2021 net profit due to higher crude prices, as global economic growth recovered from the pandemic induced 2020 downturn. The company said in a statement, "Aramco's net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020." Aramco, Saudi Arabia's cash cow, achieved a net income of $88.2 billion in 2019 before the coronavirus (COVID-19) pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others. The announcement came hours after Yemen's Huthi rebels, against whom the kingdom is leading a military coalition, targeted an oil facility in southern Saudi Arabia and at a time of increased crude market volatility due to Russia's invasion of Ukraine. Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public offering.

Saudi Aramco says annual profit more than doubled in 2021; plans to ramp up investment to boost production

As western countries look for alternate sources of oil, British PM Boris Johnson will travel to Saudi as part of his drive to help lessen the west dependency on Russia.

Saudi, UAE now key players in stabilising oil markets

Amid Russia-Ukraine conflict, Russia has offered crude oil to India at discounted price. This offer came after US banned all Russian energy imports.

India mulls over oil deal with Russia, US says India not violating sanctions

Oil prices have fallen more than five percent and it's the lowest level in nearly two weeks.

Oil prices falls over 5%, lowest in nearly two weeks

Crude oil prices rose up sharply on Wednesday, surging nearly 5% on concerns of a supply crunch even after countries agreed to release 60 million barrels of oil from reserves around the world.

Oil prices surge $110 per barrel

India's&nbsp;crude&nbsp;oil&nbsp;imports&nbsp;in&nbsp;January slipped&nbsp;from&nbsp;one-year&nbsp;highs&nbsp;hit in the previous month, though fuel demand is expected to recover as several states&nbsp;ease&nbsp;coronavirus restrictions after a decline in cases.

Crude&nbsp;oil&nbsp;imports&nbsp;fell about 1.7% to 19.26 million tonnes last month&nbsp;from&nbsp;a&nbsp;year&nbsp;earlier, government data showed on Friday. Lower&nbsp;imports&nbsp;corresponded with the country's&nbsp;oil&nbsp;demand falling 0.2% on an annual basis in&nbsp;January.

It's impossible to ignore the impact of the Omicron variant of coronavirus and that along with high&nbsp;oil&nbsp;prices hampered fuel demand in&nbsp;January, said Craig Erlam, senior market analyst at OANDA.

Also read |<a href="https://www.wionews.com/india-news/bill-gates-to-address-bioasia-in-fireside-chat-with-ktr-454338">&nbsp;Bill Gates to address BioAsia in fireside chat with KTR</a>

"The price will continue to be a headwind as far as demand is concerned in the near-term but with the country emerging&nbsp;from&nbsp;another COVID wave, I'd expect to see it continue to recover."

January&nbsp;crude&nbsp;imports&nbsp;decreased by about 2.6%&nbsp;from&nbsp;the previous month but were 2.9% higher&nbsp;from&nbsp;pre-pandemic levels of December 2019.

The International Energy Agency (IEA) in its monthly report said Indian&nbsp;oil&nbsp;demand is projected to increase&nbsp;by 320,000 barrels per day (bpd) in 2022, which would surpass the 2019 rate by 40,000 bpd, with LPG/ethane, gasoline and naphtha rising the most.

Oil&nbsp;product&nbsp;imports&nbsp;rose 12.4% to 3.43 million tonnes&nbsp;from&nbsp;a&nbsp;year&nbsp;earlier in&nbsp;January, while exports jumped 14.4%.

Refiners in Asia are waiting to resume&nbsp;imports&nbsp;from&nbsp;Iran amid hopes of an agreement to revive Tehran's 2015 nuclear deal with world powers. A refiner&nbsp;from&nbsp;India, Iran's No. 2 customer, is in talks with Iran for sourcing its&nbsp;oil, an Indian refining source said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/npci-to-deploy-upi-payments-platform-in-nepal-1st-outside-india-454204">NPCI to deploy UPI payments platform in Nepal, 1st outside India</a>

India's&nbsp;oil&nbsp;imports&nbsp;from&nbsp;Iraq surged to a 29-month high last month, data&nbsp;from&nbsp;shipping and industry sources showed.

January&nbsp;oil&nbsp;imports&nbsp;of&nbsp;India's&nbsp;Reliance Industries, owner of the world's biggest refining complex, jumped about 8.3%&nbsp;from&nbsp;December.

India's crude oil imports in January slipped from one-year highs hit in the previous month, though fuel demand is expected to recover as several states ease coronavirus restrictions after a decline in cases.

India's crude oil imports in January slipped from one-year highs hit in the previous month, though fuel demand is expected to recover as several states ease coronavirus restrictions after a decline in cases. Crude oil imports fell about 1.7% to 19.26 million tonnes last month from a year earlier, government data showed on Friday. Lower imports corresponded with the country's oil demand falling 0.2% on an annual basis in January. It's impossible to ignore the impact of the Omicron variant of coronavirus and that along with high oil prices hampered fuel demand in January, said Craig Erlam, senior market analyst at OANDA. Also read | Bill Gates to address BioAsia in fireside chat with KTR "The price will continue to be a headwind as far as demand is concerned in the near-term but with the country emerging from another COVID wave, I'd expect to see it continue to recover." January crude imports decreased by about 2.6% from the previous month but were 2.9% higher from pre-pandemic levels of December 2019. The International Energy Agency (IEA) in its monthly report said Indian oil demand is projected to increase by 320,000 barrels per day (bpd) in 2022, which would surpass the 2019 rate by 40,000 bpd, with LPG/ethane, gasoline and naphtha rising the most. Oil product imports rose 12.4% to 3.43 million tonnes from a year earlier in January, while exports jumped 14.4%. Refiners in Asia are waiting to resume imports from Iran amid hopes of an agreement to revive Tehran's 2015 nuclear deal with world powers. A refiner from India, Iran's No. 2 customer, is in talks with Iran for sourcing its oil, an Indian refining source said. Also read | NPCI to deploy UPI payments platform in Nepal, 1st outside India India's oil imports from Iraq surged to a 29-month high last month, data from shipping and industry sources showed. January oil imports of India's Reliance Industries, owner of the world's biggest refining complex, jumped about 8.3% from December.

India's Jan crude oil imports ease from one-year highs

After rising to seven year highs, this week oil prices plunged today morning it's because of increasing US crude and stockpiles of fuel, it prompted investors to take profits from the rally.

US crude oil, gasoline stocks rose last week

OPEC+ production group is expected to stick to its plans to increase output in February when it meets on Tuesday.

OPEC+ expected to stick with planned February output increase

Major oil producers could pause all plans to add crude supply as uncertainty looms over the severity of the new covid-19 strain. US WTI crude futures up 1.4% to $70.94/ barrel.

Major oil producers to pause plans to add crude supply, uncertainty due to Omicron

The Biden administration has announced the release of strategic oil reserves but the US is not alone here. Joining Washington are India, Japan, South Korea, China, and the UK.

United States: Emergency oil release to lower fuel prices

United States: US plan could strain ties between Washington and Riyadh

Indian and Japanese officials are working their ways to lease national reserves of crude oil in tandem with the US and other major economies. However, the reports suggest that timings of the lease remains unclear.

India, Japan working on oil-stock release

Crude oil fell to seven-week lows today, on concerns about excess supply after Japan said it was weighing releasing oil reserves and over demand from a worsening Covid-19 situation in Europe.

Oil hits 7-week lows on supply release expectations, Europe covid surge to impact demand

OPEC and its allies agreed to stick to plans to raise oil output by 400,000 barrels per day from December, despite calls from the United States for extra supply to cool rising prices.

World Business Watch: OPEC+ rebuffs US calls for speedier oil output increases

Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on November 4.

Crude oil prices fall after China releases petroleum reserves

Crude oil price is trading hits 7-year highs, as surging demand continues to outpace supply, even as the global economy continues on the path to recovery from the pandemic lows.

Crude oil price hits 7-year highs as Goldman Sachs raises price target

A cyberattack crippled gas stations across Iran on Tuesday, leaving angry motorists stranded in long lines.

No group immediately claimed responsibility for the attack, which rendered useless the government-issued electronic cards that many Iranians use to buy subsidized fuel at the pump.

It bore similarities to another attack months earlier that seemed to directly challenge Iran’s Supreme Leader Ayatollah Ali Khamenei as the country’s economy buckles under American sanctions. Those economic problems worsen as the US&nbsp;and Iran have yet to jointly re-enter Tehran’s tattered nuclear deal with world powers.

State television quoted an unnamed official in the country's National Security Council acknowledging the cyberattack, hours after it aired images of long lines of cars waiting to fill up in Tehran. Associated Press journalists also saw lines of cars at Tehran gas stations, with the pumps off and the station closed.

“I have been waiting a couple of hours for the gas stations to reopen so that I can fill up,” said a motorcyclist who gave his name only as Farzin. “There is no fuel wherever I go.”

The semiofficial ISNA news agency, which first called the incident a cyberattack, said it saw those trying to buy fuel with a government-issued card through the machines instead receive a message reading “cyberattack 64411.” Most Iranians rely on those subsidies to fuel their vehicles, particularly amid the country’s economic problems.

Also Read |&nbsp;<a href="https://www.wionews.com/world/abandoned-red-sea-oil-tanker-may-leave-millions-without-water-420247">Abandoned Red Sea oil tanker may leave millions without water</a>

While ISNA didn’t acknowledge the number’s significance, that number is associated with a hotline run through Khamenei’s office that handles questions about Islamic law. ISNA later removed its reports, claiming that it too had been hacked. Such claims of hacking can come quickly when Iranian outlets publish news that angers the theocracy.

Farsi-language satellite channels abroad published videos apparently shot by drivers in Isfahan, a major Iranian city, showing electronic billboards there reading: “Khamenei! Where is our gas?” Another said: “Free gas in Jamaran gas station,” a reference to the home of the late Supreme Leader Ayatollah Ruhollah Khomeini.

State TV said Oil Ministry officials were holding an “emergency meeting” to solve the problem. Some gas stations that accept only cash and are not in the subsidy card network continued pumping fuel.

The use of the number “64411” mirrored an attack in July targeting Iran’s railroad system that also saw the number displayed. Israeli cybersecurity firm Check Point later attributed the train attack to a group of hackers that called themselves Indra, after the Hindu god of war. 
Indra previously targeted firms in Syria, where President Bashar Assad has held onto power through Iran’s intervention in his country’s grinding war.

Cheap gasoline is practically considered a birthright in Iran, home to the world’s fourth-largest crude oil reserves despite decades of economic woes.

Subsidies allow Iranian motorists to buy regular gasoline at 15,000 rials per liter. That’s 5 cents a liter, or about 20 cents a gallon. After a monthly 60-liter quota, it costs 30,000 rials a liter. That’s 10 cents a liter or 41 cents a gallon. Regular gasoline costs 89 cents a liter or $3.38 a gallon on average in the US, according to AAA.

In 2019, Iran faced days of mass protests across some 100 cities and towns over gasoline prices rising. Security forces arrested thousands and Amnesty International said it believes 304 people were killed in a government crackdown. Tuesday's cyberattack came in the same month in the Persian calendar as the gasoline protests in 2019.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/abraham-accords-dividend-india-us-uae-israel-foreign-ministers-to-hold-meeting-421701">Abraham Accords dividend: India, US, UAE &amp; Israel foreign ministers to hold meeting</a>

The attack also came on the birthday of the late Shah Mohammad Reza Pahlavi who, stricken with cancer, fled the country in 1979 just before the Islamic Revolution.

Iran has faced a series of cyberattacks, including one that leaked video of abuses at its notorious Evin prison in August.

The country disconnected much of its government infrastructure from the internet after the Stuxnet computer virus — widely believed to be a joint US -Israeli creation — disrupted thousands of Iranian centrifuges in the country's nuclear sites in the late 2000s.

A cyberattack crippled gas stations across Iran on Tuesday, leaving angry motorists stranded in long lines. No group immediately claimed responsibility for the attack, which rendered useless the government-issued electronic cards that many Iranians use to buy subsidized fuel at the pump.

A cyberattack crippled gas stations across Iran on Tuesday, leaving angry motorists stranded in long lines. No group immediately claimed responsibility for the attack, which rendered useless the government-issued electronic cards that many Iranians use to buy subsidized fuel at the pump. It bore similarities to another attack months earlier that seemed to directly challenge Iran’s Supreme Leader Ayatollah Ali Khamenei as the country’s economy buckles under American sanctions. Those economic problems worsen as the US and Iran have yet to jointly re-enter Tehran’s tattered nuclear deal with world powers. State television quoted an unnamed official in the country's National Security Council acknowledging the cyberattack, hours after it aired images of long lines of cars waiting to fill up in Tehran. Associated Press journalists also saw lines of cars at Tehran gas stations, with the pumps off and the station closed. “I have been waiting a couple of hours for the gas stations to reopen so that I can fill up,” said a motorcyclist who gave his name only as Farzin. “There is no fuel wherever I go.” The semiofficial ISNA news agency, which first called the incident a cyberattack, said it saw those trying to buy fuel with a government-issued card through the machines instead receive a message reading “cyberattack 64411.” Most Iranians rely on those subsidies to fuel their vehicles, particularly amid the country’s economic problems. Also Read | Abandoned Red Sea oil tanker may leave millions without water While ISNA didn’t acknowledge the number’s significance, that number is associated with a hotline run through Khamenei’s office that handles questions about Islamic law. ISNA later removed its reports, claiming that it too had been hacked. Such claims of hacking can come quickly when Iranian outlets publish news that angers the theocracy. Farsi-language satellite channels abroad published videos apparently shot by drivers in Isfahan, a major Iranian city, showing electronic billboards there reading: “Khamenei! Where is our gas?” Another said: “Free gas in Jamaran gas station,” a reference to the home of the late Supreme Leader Ayatollah Ruhollah Khomeini. State TV said Oil Ministry officials were holding an “emergency meeting” to solve the problem. Some gas stations that accept only cash and are not in the subsidy card network continued pumping fuel. The use of the number “64411” mirrored an attack in July targeting Iran’s railroad system that also saw the number displayed. Israeli cybersecurity firm Check Point later attributed the train attack to a group of hackers that called themselves Indra, after the Hindu god of war. Indra previously targeted firms in Syria, where President Bashar Assad has held onto power through Iran’s intervention in his country’s grinding war. Cheap gasoline is practically considered a birthright in Iran, home to the world’s fourth-largest crude oil reserves despite decades of economic woes. Subsidies allow Iranian motorists to buy regular gasoline at 15,000 rials per liter. That’s 5 cents a liter, or about 20 cents a gallon. After a monthly 60-liter quota, it costs 30,000 rials a liter. That’s 10 cents a liter or 41 cents a gallon. Regular gasoline costs 89 cents a liter or $3.38 a gallon on average in the US, according to AAA. In 2019, Iran faced days of mass protests across some 100 cities and towns over gasoline prices rising. Security forces arrested thousands and Amnesty International said it believes 304 people were killed in a government crackdown. Tuesday's cyberattack came in the same month in the Persian calendar as the gasoline protests in 2019. Also Read | Abraham Accords dividend: India, US, UAE & Israel foreign ministers to hold meeting The attack also came on the birthday of the late Shah Mohammad Reza Pahlavi who, stricken with cancer, fled the country in 1979 just before the Islamic Revolution. Iran has faced a series of cyberattacks, including one that leaked video of abuses at its notorious Evin prison in August. The country disconnected much of its government infrastructure from the internet after the Stuxnet computer virus — widely believed to be a joint US -Israeli creation — disrupted thousands of Iranian centrifuges in the country's nuclear sites in the late 2000s.

Iran says cyberattack closes gas stations across country

crude-oil

Crude Oil, News on Crude Oil, stories on Crude Oil, articles on Crude Oil, Crude Oil stories at Wion, Crude Oil news, Crude Oil latest news