Oil Dilemma
India’s growing fuel demand and its call for increased oil output from OPEC+ reflect the country’s evolving energy needs.
India’s growing fuel demand and its call for increased oil output from OPEC+ reflect the country’s evolving energy needs.
The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.
Oil prices steadied after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise, media reports said.
Oil prices jumped by 4 per cent on Monday on concerns that the situation in Israel and Gaza could disrupt output from the Middle East.
Oil prices have soared about 20 per cent since late June but they could go even higher this year if…
The attack on Pacific Zircon, which is owned by Idan Ofer and operated by the Singapore-based Eastern Pacific Shipping, sent Brent crude prices up 65 cents to $94, The Guardian reported. The Liberian-flagged tanker had departed from Sohar on Monday afternoon and was destined for Buenos Aires.
The most serious effect of the Russia-Ukraine war for the world economy will be higher commodity prices. Oil prices will remain above $100/barrel for as long as the conflict rages on, EIU said in its global outlook report.
At 423.6 million barrels, US crude oil inventories are about 8 per cent below the five year average for this time of year.
Crude prices have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.
India’s financial capital, Mumbai, also witnessed a sharp rise in fuel prices as petrol was being sold at Rs 92.28 a litre while the diesel was priced as Rs 82.66 per litre.
