COLOMBO, Sri Lanka (AP) — Sri Lanka’s already dire economic crisis has deepened as oil prices hover near $110 a barrel. Vehicles are stranded with empty tanks, power cuts are depriving ...

Sri Lanka will pay down its oil debt held by Iran with tea in response to new regulations that Sri Lanka has issued in order to comply with a UN Security Council Resolution. The UN resolution ...

The volatility of global oil prices has worsened Sri Lanka’s economic woes. This article discusses the main drivers of oil prices, the effects of price volatility on the Sri Lankan economy and ...

Overall, both Brent and WTI prices increased by more than US dollars 3.00 per barrel during the review period. The situation, therefore, appears to remain ambivalent for Sri Lanka as the cost of ...

COLOMBO, Sri Lanka ... price reduction is in line with an agreement with the International Monetary Fund, which includes adjusting fuel subsidies and prices based on production costs and global ...

Sri Lanka's state oil entity has raised its retail price from Monday midnight, a day after the Indian Oil Company's local operation raised its prices, adding to the woes of the people who are ...

Cairn India, however, withdrew from the block in 2015 with the plunge in oil prices. According to the government of Sri Lanka, seismic data shows there could be more than 1 billion barrels of oil ...

One of Sri Lanka’s largest economic problems relates to oil imports, a resource the island country does not produce domestically. Oil prices shot up in the aftermath of Russia’s invasion of ...

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