The boiling in crude oil, which came after the war between Russia and Ukraine, seems to have stopped. On Thursday, the price of crude oil has come down below $ 115 a barrel after the United Arab Emirates (UAE), a member of the Organization of the Oil Exporting Countries (OPEC), made a statement to increase crude oil production. This is the first time in the last one year that there has been such a big fall in crude oil in the world.
Crude oil fell by 17 percent: Due to the discussion of sanctions on imported crude oil from Russia by the US and Western countries, the price of crude oil in the international market had crossed its 14-year high on 7 March 2022, after which the price of crude oil has seen a decrease. are getting. Brent crude futures had reached $139.35 per barrel on March 7, 2022, which came down to $115 per barrel on March 10, 2022. In this way, the prices of crude oil have fallen by 17 percent in the last two days.
Crude oil will cross $ 300: Reacting strongly to US Secretary of State Antony Blinken’s statement, Russian Deputy Prime Minister Alexander Novak had said that if he tried to impose sanctions on the export of oil and gas from Russia to Western countries, the price of crude oil in the international market would be $ 300 per Will go across the barrel. Along with this, Russia also threatened to stop supplying gas to Europe.
Russia made an offer to India: According to the Business Standard report, Russian oil companies have offered India a discount of 25 to 27 percent cheaper than the market price for crude oil. However, there has been no official statement from the government on this yet. At the same time, the Indian economy will definitely get relief due to the decrease in the price of crude oil in the international market.
Rising inflation is a big concern: India imports 80 percent of its crude oil requirement. Crude oil prices have risen sharply after the Russia-Ukraine war. According to SBI’s report, there may be a one percent increase in inflation due to the price of crude oil nearing $100.