There was news of relief for India on the crude oil front from the international market. This is the first time in March 2022 when crude oil prices have fallen below $100 per barrel. India imports more than 80 percent of its crude oil needs, so the continuous cost of crude oil was causing a big loss to India at the economic level. Let’s know what are the reasons due to the fall in crude oil
Russia likely to stop in Ukraine war: Since the Russia-Ukraine war began on February 24, there has been a huge rise in crude oil prices. At the same time, experts believe that there may be a ceasefire between Russia and Ukraine, due to which there has been a softening in crude oil prices.
lockdown in china The world’s second largest economy has seen a sudden increase in cases of corona virus in China, due to which China has imposed lockdown in its big cities and many states. Crude oil market experts believe that this will reduce the demand for crude oil in the world.
Increasing UAE production: The United Arab Emirates (UAE), a member of the Group of Oil Exporting Countries (OPEC), issued a statement announcing an increase in crude oil production, after which the prices of crude oil started falling from the upper level. Crude oil prices have fallen by more than 8 percent on Tuesday. This is the first time there has been such a big fall in crude oil during 2022.
On 24 February 2022, after the start of the war between Russia and Ukraine, the price of crude oil in the world had increased by up to 40 percent. On March 7, when tensions between Russia and Ukraine were at their peak, crude oil prices hit a 14-year high. During this period, the price of crude oil had gone up to about 139 per barrel. After the increase in the price of crude oil, the experts had feared an increase in the prices of petrol and diesel in the country by up to Rs 15 per liter, which can now provide relief.