Delay In Crude Oil Export From Iran Leads To Increased Global Price
The oil prices have drastically increased because of delay in return of Iranian crude oil to the global markets. However, the reason behind the hike in oil prices is due to the import bans on Russia. On March 6, talks for reviving Iran's 2015 nuclear deal with the world powers, which also included Russia, is now expecting a guarantee from the US that the trade won't be affected.
Tags: Iran, Crude Oil, International Oil Markets, Ukraine Russia Crisis, US President
Courtesy: India Today
Indian Refineries To Work With Govt To Seal 'Wise' Crude Oil Deals
With local gasoline and gasohol prices rising to record highs in India's worst power crisis, the nation wants to redouble efforts to buy crude oil wisely. Hence, India is forming a group bringing together state and private refiners to seek better crude import deals. India also asked the Organisation of the Petroleum Exporting Countries (OPEC), and its allies OPEC+, to boost output to bring down global oil prices.
Tags: International Oil Markets, Crude Oil, INTERNATIONAL CRUDE OIL, Petrol diesal price
Courtesy: reuters
Saudi Arabia To Increase Crude Oil Production To Pre-Covid Levels
Following the Eighteen months since the pandemic, Saudi Arabia is now set to pump 9.8 million barrels a day that will almost be equal to the pre-Covid levels of production. Reportedly, Riyadh slashed its production several times in 18 months. The decision will also help the country to revive its economy soon. Saudi Energy Minister Prince Abdulaziz bin Salman even revived crude prices to $80 a barrel.
Tags: Saudi Arabia, International Oil Markets, OPEC, Crude Oil
Courtesy: The Economic Times
As Demands Fall, Oil Price In US Drops To Lowest Since May At $66
As the new Delta variant spreads across causing the rise in Covid cases globally, it has also severely affected international markets. The Crude Oil prices on August 19 in the US fell to an all-time low to $66 per barrel since May 2021. The price of Oil companies went down for six days in a row as their demand fell. The US claims one of the most numbers Covid related fatalities.
Tags: International Oil Markets, INTERNATIONAL CRUDE OIL, Brent Crude, US crude
Courtesy: The Economic Times
Petrol, Diesel Prices Might Decrease: Petroleum Minister Dharmendra Pradhan
Union Petroleum Minister Dharmendra Pradhan has intimated a decrease in fuel prices in the coming days as the international market situation improves. According to Pradhan, petrol, diesel, and LPG prices will go down as the reduction of crude oil prices in the international market will benefit customers. However, fuel prices in major cities like Delhi and Mumbai remain the same.
Tags: petrol diesel price, Dharmendra Pradhan, Crude Oil, International Oil Markets
Courtesy: Zee News