Aggregator
Apollo snubs Mamdani, picks Texas tech hotspot for second US HQ
Biden-era DOE officials defied the law to protect ‘gender identity’ rights —and still have their jobs
Young man fatally stabbed during fight with violent crew on wheels inside NYC waterfront park: cops, sources
Early voting starts Saturday in NY’s primary elections — these are the races to watch
Scottish soccer fans in Boston for World Cup are charming the city with cheerful pub vibes, kilts and bagpipes
Austin Reaves seen with girlfriend Jenna amid $179 million free agency report
Why are some Republicans pushing price-hiking, pro-union bills in Congress?
Selena Gomez fires back at Taylor Swift NBA Finals drama: ‘It’s a basketball game’
DOJ signs off on $111B Paramount takeover of Warner Bros. Discovery
India Set To Miss Budget Deficit Target As Oil Shock Strains Public Finances
Submitted by Tsvetana Paraskova of OilPrice.com
India may be on track to miss its target for budget deficit for the first time since 2021 as the oil supply shock pressures government coffers.
The government of the world’s third-largest crude oil importer is preparing to exceed its own deficit target from early this year as the Middle East crisis is testing the resilience of public finances amid soaring energy import bills, an Indian official with knowledge of the plans told Bloomberg on Friday.
India may allow the budget deficit to widen to 4.8% of GDP for the current fiscal year ending March 2027, up from a 4.3% limit set in February, days before the Iran war broke out and broke the oil and gas markets.
Still, India’s Finance Ministry has reassured the major credit rating agencies that the deterioration of the country’s fiscal position would be exclusively due to external pressures and the geopolitical situation, not because of changes to the fiscal policy, the official told Bloomberg.
India is scrambling to contain the economic and financial impact of the worst oil supply disruption in history as analysts say the high oil prices would continue to weigh on the Indian currency, economic growth, and public finances as long as supply is choked at the Strait of Hormuz.
India, which imports more than 85% of the oil it consumes, received about half of all its imports from the Middle East before the war. Now, state-owned and private refiners are looking to diversify imports, including by taking in record volumes of Russian oil, and turning to Venezuela and Brazil for additional crude to offset the lost Middle Eastern supply.
The major crude importer has seen its growth prospects diminished as its high import dependence and the high price refiners pay weigh on inflation and GDP growth.
India’s economy remains resilient to the external shocks, but the oil price surge poses near-term downside risks to economic growth and upside risks to inflation, the Reserve Bank of India (RBI) said at the end of May.
Tyler Durden Fri, 06/12/2026 - 18:25West Hollywood staple WeHo Bistro closed over vermin infestation
Ronnie Schell, ‘America’s Slowest Rising Comedian,’ dead at 94
Ronnie Schell, ‘America’s Slowest Rising Comedian,’ dead at 94
New Giannis NBA trade rumors include ex-Cal star Jaylen Brown in three-team deal
Stream It Or Skip It: ‘Find Your Friends’ on Shudder, a Girls’ Trip Thriller That Goes Off The Rails
Time for California business lobby to grow a spine
Qatar Tried Secret Deal-Making With Iran To Protect World's Largest Gas Complex
By the middle of March during Trump's Operation Epic Fury, Iran was flexing its retaliatory might, and the Gulf region was shocked to see the largest natural-gas production facility in the world, Qatar's North Field, badly damaged - with a key section forced offline and severely damaged.
The Washington Post has just provided some new information which has come to light, writing that "There was an additional, hidden consequence. The strike also dashed secret efforts by Qatar to keep its gas complex, known as Ras Laffan, off Iran’s target list, according to Middle Eastern security officials and Western officials briefed on the intelligence."
Doha skyline file imageThis after the punishing Iranian strikes (against a nearby Arab state which hosts US forces) "destroyed sections of a plant that provides nearly a fifth of the globe’s gas supply, imperiled multibillion-dollar contracts with China and other clients, and damaged the prospects of finding an earlier end to the war by dragging Qatar, a key mediator between the United States and Iran, into the fight" - WaPo also reviewed.
That 'secret negotiations' were being held apart from the US - or also separately from other Gulf Cooperation Council (GCC) states is indeed significant, highlighting a theme that Tehran continues to seek to assert leverage by forcing nations to come make side deals - even as the Islamic Republic comes under US bombs and Western pressure.
If it is indeed accurate that Gulf nations are approaching Iran to do individual separate deals, this is for now a diplomatic 'win' for Tehran. Separate deal-making, peeling others away from a united front and bloc, gives Iran some greater leverage and also flexibility in terms of potential post-war economic and political detente with regional states.
The UAE, it was reported earlier this week in Bloomberg, has also reportedly reached its own 'understanding' with the Iranians after some backroom dealing and diplomacy.
"Senior national security officials from the United Arab Emirates and Iran held a face-to-face meeting for the first time since the start of the US-Israeli war against Tehran, according to people with knowledge of the situation," Bloomberg reported
"This week’s meeting marked a stark turnaround for both sides and comes amid their growing acknowledgment of the importance of calmer bilateral ties, the people said, asking not to be named discussing sensitive matters," the report indicated.
Perhaps in both Qatar's and UAE's thinking, there's too much to risk while facing Iran's significant ballistic missile and drone arsenal, at a moment Washington has failed to clearly define an end game, but instead is climbing up the escalation ladder with a cornered and thus fierce Iran, which sees itself fighting for its very survival.
Qatar's effort apparently failed to a large degree, while curiously there's of late been a lack of Iranian targeting on UAE - even as other US-allied countries, namely Kuwait, Bahrain, and Jordan have this week seen new missile waves launched on them.
But possibly Qatar has protected itself from further harm. It too has not been a prime renewed target of Iran's ballistic missiles this week, alongside the Emirates.
Tyler Durden Fri, 06/12/2026 - 18:00