Crude oil prices (Crude Oil Price) It was over 120 120 a barrel on Monday. Saudi Arabia, the world’s largest oil exporter, for Asian buyers Crude oil pricesHas increased more than expected. The rise in crude oil prices for the month of July has been attributed to high summer demand. Of Saudi Arabia (Saudi Arabia) The decision is also considered a shock to India. India imports large quantities of oil from Saudi Arabia. Official selling price of Arab light crude oil for Asian countries in July (OSP) This is an increase of 1 2.1 per barrel compared to June.
Saudi Arabia exports 60 percent of its oil supplies to Asian countries. Its biggest customers in Asia are China, India, South Korea and Japan. Last month, Saudi Arabia supplied 6.1 million barrels of crude oil per day, according to a Bloomberg report. Earlier, Saudi Arabia cut supply prices in June. This was also due to the increasing number of cases of corona contamination in India which led to increased sanctions and reduced demand for oil.
This increase is much higher than most market analysts estimate. Most analysts had predicted a rise in crude oil prices by about $ 1.5. A Reuters report predicted a $ 2 rise in oil prices. The impact of the rise in crude oil prices can be seen in India. The central government had recently reduced petrol and diesel prices.
Today again there is no change in petrol and diesel prices. In Delhi today, petrol is being sold at Rs 96.72 and diesel at Rs 89.62 per liter. In Mumbai, a liter of petrol costs Rs 111.35 and diesel Rs 97.28. India imports 27 per cent of its oil needs from Iraq, 17 per cent from Saudi Arabia and 13 per cent from the UAE. According to a PPAC report, India imported 94 94.3 billion worth of oil in the ten months between April and January of the fiscal year 2021-22.
The oil import bill was 11 11.6 billion in January 2022, up from 7. 7.7 billion in January 2021, a year earlier. Thus, on an annual basis, the bill rose by 50.64 per cent. According to the report, India’s oil import bill could reach 5 115 billion in FY 2021-22.
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