The 32 member countries of the International Energy Agency (IEA) have agreed to release 400 million barrels of oil from emergency reserves. This collective action is intended to address market disruptions resulting from the conflict in the Middle East that began on 28 February 2026.

The decision follows an extraordinary meeting of IEA governments to assess global supply conditions. Exports of crude and refined products through the Strait of Hormuz have fallen to less than 10 percent of levels recorded before the conflict, leading operators to curtail regional production.

The Strait of Hormuz is a critical corridor for global energy, with an average of 20 million barrels per day transiting the waterway in 2025. This volume represents approximately 25 percent of the world's seaborne oil trade. Current disruptions have limited the options for bypassing the strait.

IEA members maintain stockpiles exceeding 1.2 billion barrels, in addition to 600 million barrels of industry stocks held under government mandates. The 400 million barrels release marks the sixth coordinated action in the agency's history since its formation in 1974. Previous releases occurred in 1991, 2005, 2011 and twice in 2022. The current export rate is estimated to be less than 10 percent of pre-conflict volumes.

Faith Birol, Executive Director, IEA, said, “The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size. Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together.”

Comments (0)

ADD COMMENT

Link Copied!

Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company is optimistic about delivering above-industry growth in the coming quarters, supported by robust structural demand drivers, replacement needs, improving affordability, and accelerating electric vehicle (EV) adoption.

In a post-earnings call, K N Radhakrishnan, Director and Chief Executive Officer, TVS Motor Company, said, “Structural demand drivers, replacement demand, affordability, and continued EV adoption. All these are going to be supportive and I’m pretty confident that TVS will do much better than the industry growth.”

The company continues to see strong momentum in its electric vehicle segment. Following the milestone of crossing one million iQube sales, EV penetration exceeded 10.6 percent in June.

TVS Motor Co’s manufacturing capacity for electric two-wheelers is being scaled from 40,000 units towards more than 50,000 units, while three-wheeler EV capacity is expanding to approximately 30,000 units.

Radhakrishnan sees demand for internal combustion engine (ICE) two-wheelers to remain solid in the domestic market, with the company’s scooter portfolio — including the Jupiter, Ntorq and Scooty ranges — registering robust retail offtake. This has been supported by targeted product upgrades and disciplined inventory management, with dealer stock levels maintained below 30 days.

TVS Apache Crosses 7 Million Sales Milestone, Launches Tu Race Laga Campaign

On the international front, TVS Motor achieved record Q1 sales of 4.68 million units, a 33 percent YoY increase. Growth was driven by a recovery in Africa, expansion in Latin America and strong demand for the HLX series. The company is targeting an increase in total two-wheeler capacity to 8.3 million units.

Despite commodity price volatility and supply chain challenges in April, TVS Motor delivered a healthy operating EBITDA margin of 12.8 percent through strategic price adjustments of approximately 1.5 percent in Q1, ongoing cost optimisation and benefits from scale.

With the festive season approaching in October and November, the company expects sustained momentum across both domestic and international markets, supported by new product introductions and an expanding global footprint.

Comments (0)

ADD COMMENT

Link Copied!

European auto major Stellantis has announced leadership changes for the Ram and Jeep brands. Matt VanDyke has been appointed CEO of the Ram brand, effective 20 July, succeeding Tim Kuniskis. Branden Cote has been named CEO of the Jeep brand, effective 3 August, succeeding Bob Broderdorf, who is taking medical leave and will assume a new role upon his return. Both executives will report to Tim Kuniskis, Head of American Brands, North America Marketing and Retail strategy, Stellantis North America.

VanDyke joins Ram following roles as President of Shift Digital, CEO of FordDirect and leadership positions at Ford Motor Company. Cote joins Jeep with industry experience across OEM and dealer retail operations, including roles with AutoNation, Aston Martin Lagonda, Canoo and Mercedes-Benz USA.

Tim Kuniskis, said, “Matt and Branden are proven leaders who will build on our successes and take these iconic American brands to the next level. Their skills and deep industry experience align with our simple – but very important – customer-centric objective: to provide people with the brands and products they love and trust. I also want to thank Bob Broderdorf for his exceptional leadership of Jeep. Bob is a dedicated and valued colleague, and a friend to many across the Company. I look forward to continuing our work together when he takes on his new role.”

Comments (0)

ADD COMMENT

Link Copied!

GMC has introduced the HUMMER EV ICON | 25, a limited-run edition marking 25 years of the HUMMER nameplate. The vehicle will be available in 2X and 3X trims for both Pickup and SUV models.

The limited edition features an exterior colour named ‘ICON,’ which draws inspiration from the yellow paint used on the HUMMER H2. The EV includes a black interior, a front approach shield, serialised badging and infotainment graphics. Each unit will come with a keepsake.

The HUMMER EV ICON | 25 made its debut at the 2026 ESPYS in New York City, where GMC served as a sponsor.

Michael MacPhee, Global Vice-President, Buick and GMC, said, “Twenty-five years ago, HUMMER first captured attention and established itself as an immediate icon. Today, HUMMER remains instantly recognisable as an all-electric supertruck that continues to turn heads. The GMC HUMMER EV | ICON 25 is our way of recognising that legacy and its debut at the 2026 ESPYs places it among athletes, celebrities and icons whose influence has also stood the test of time.”

For MY2027, the HUMMER EV lineup will feature the North American Charging Standard (NACS) inlet and provide vehicle-to-home bidirectional charging.

GMC is introducing five exterior colour options – ICON, Dark Ridge, Azurite Blue, Dark Ember, and Deep Void Matte – alongside two 22-inch wheel options.

The EV continues to offer features including 4-Wheel Steer with CrabWalk and King Crab, Air Ride Adaptive suspension and Extract Mode. Technology features include Super Cruise hands-free driver assistance, the Infinity Roof, and camera views.

The 3X Pickup model comes with 1,160 horsepower and 13,000 lb.-ft of torque and a claimed zero to 60 mph (96 kmph) time of 2.8 seconds when equipped with the 24-module battery.

Production of the 2027 GMC HUMMER EV and the ICON | 25 edition will commence later this year at the Factory ZERO Assembly Center in Detroit and Hamtramck, Michigan. It will be available in the U.S. and Canada, with pricing to be announced closer to the start of production.

Comments (0)

ADD COMMENT

Link Copied!

Defence Minister Rajnath Singh inaugurated the Shaurya Vijay Yatra 2026 at the National War Memorial in New Delhi, marking the commencement of nationwide observances for Kargil Vijay Diwas. The 13-day expedition, organised by Jawa Yezdi Motorcycles, features 28 riders traversing a 1,900-kilometre route to the Kargil War Memorial in Dras, Ladakh. The group comprises serving and retired defence personnel alongside their families, united under the rallying cry of ‘One Ride, One Nation, One Salute’ to honour the bravery and ultimate sacrifices of the 1999 Kargil War heroes.

The motorcycle contingent is scheduled to pass through significant military landmarks including Chandimandir, Rezang La and the Leh War Memorials before its scheduled arrival on 26 July. A central element of the journey involves transporting an urn filled with sacred soil from the National War Memorial to Kargil, symbolising the enduring valour of India's warriors across generations. The riders will also pay personal tributes to Veer Naris, acknowledging the resilience of the war widows.

Senior military leadership, including Chief of Defence Staff General N S Raja Subramani and Army Chief General Dhiraj Seth, joined the Defence Minister at the ceremonial start, alongside veterans and senior officials. The presence of the National Cadet Corps underscored the event's focus on inspiring youth to remember the nation's gallant soldiers and embrace the core principles of duty and selfless service.

During his address, the Defence Minister commemorated the soldiers whose courage upheld the nation's honour, framing the Kargil victory as a testament to India's steadfast sovereignty. He specifically recalled the contributions of Param Vir Chakra recipients Captain Vikram Batra, Lieutenant Manoj Kumar Pandey and Subedar Majors Yogendra Singh Yadav and Sanjay Kumar. Initiated in 2021, this tribute ride has evolved into a cherished tradition, with each kilometre travelled serving as a poignant reminder that the nation's freedom is preserved by those who place their country above all else.

Anupam Thareja, Co-Founder, Classic Legends, said, "Shaurya Vijay Yatra is our way of remembering the heroes of Kargil and their families. We started this tribute with the belief that remembering their sacrifices and being grateful is a shared responsibility. Through this journey, we remain committed to keeping their memories alive for future generations. Alongside the Indian Army, we are honoured to undertake this tribute and pay homage to our bravehearts."

Comments (0)

ADD COMMENT

Link Copied!