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…
Brent crude oil also has declined on the Intercontinental Exchange (ICE) is at $30.83 per barrel, lower by 0.45 per cent or 0.14 cents from its previous close.
Saudi Arabia is aiming to boost its crude oil output of over 10 million barrels per day in April after the current supply deal between OPEC Russia ie OPEC+ expires in March.
Oil markets were the main drivers of decline, as the oil prices plunged about 20 per cent on Monday.
Sensex on Monday fell by 787.98 points at 40,676.63, as investors were on edge due to increased tension in the Middle East.
Brent crude oil rallied over 4.4 per cent to USD 69.16 and WTI jumped 4.3 per cent to 63.84.
