Agency, New Delhi
Published by: Dev Kashyap
Updated Wed, 23 Feb 2022 03:11 AM IST
Summary
Brent crude reached $99.38 per barrel in the international market on Tuesday. However, due to some profit-booking at this futures price, it finally closed slightly above $ 98 per barrel. Earlier, Brent crude had reached above $ 99 per barrel in September 2014.
hear the news
Expansion
Brent crude reached $99.38 per barrel in the international market on Tuesday. However, due to some profit-booking at this futures price, it finally closed slightly above $ 98 per barrel. Earlier, Brent crude had reached above $ 99 per barrel in September 2014. Experts say that after the pace of the epidemic stopped, the demand for crude oil has increased worldwide. In such a situation, if the sanctions are imposed on Russia, the world’s second largest oil exporter after Saudi Arabia, there will be no supply from there. This will increase the prices and crude oil will soon reach beyond $100 per barrel.
not much impact on india
Russia’s share in India’s oil imports is very small. In 2021, India imported 43,400 barrels of oil per day from Russia, which is about one percent of its total imports. In addition, India’s coal imports from Russia stood at 1.8 million tonnes, which is 1.3 per cent of the total imports. In such a situation, the supply from Russia is not a matter of much concern for India, but rising global crude oil prices can definitely increase its difficulties.
Petrol-diesel will be expensive after assembly elections
Despite the boom in the global market, the prices of petrol and diesel in the domestic market are stable in view of the assembly elections in five states. There has been no increase in prices for the last 110 days. This is affecting the margins of the refinery companies. Experts say that after the assembly elections, the prices of petrol and diesel will increase rapidly. On Tuesday, petrol was priced at Rs 95.41 and diesel Rs 86.67 in New Delhi on Tuesday.
OPEC is reluctant to increase production
Meanwhile, OPEC, an organization of oil producing countries, including Russia, refused to increase additional crude oil production after Sunday’s meeting. Earlier, in the meeting held on February 2, OPEC had talked about increasing production by four lakh barrels per day. But, ministers of Arab countries shrugged off, saying the risk of the pandemic is now being taxed and economies are opening up.