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The Organization of Petroleum Exporting Countries (OPEC) in its recent monthly oil market report estimated the world’s third-biggest energy buyer to add 0.39 million barrels per day (bpd) of crude oil demand in 2022.
Since the implementation of Western sanctions, Russian crude oil grades, which account for around 10% of the world oil supply, have been pummelling in physical markets.
India collects around 38 million barrels of crude oil in underground caverns at three places on the east and west coast. Out of this, nearly 5 million barrels will be released, beginning as early as 7-10 days.
With a turbulent session on Tuesday, the oil prices raised concerns over hindering growth as global economies are on a course to recovery from the COVID-19 pandemic.
According to Reuters, OPEC and its allies are expected to stick to their existing agreement to add 400,000 barrels per day of oil to the market in November.
The US Energy Information Administration in the previous session had said that the crude stockpiles rose by an unexpected 3.6 million barrels in the previous week due to which the prices fell steeply.
A spat between Saudi Arabia and UAE at a meeting earlier this month had foiled an earlier agreement, which is crucial as global oil prices continue to increase.
We will present to you the reasons why fuel prices are rising too high in India.
Defence Minister Rajnath Singh was given a detailed presentation on "Operation Sagar Aaraksha" by the Indian Coast Guard(ICG).
Delhi High Court declines to remain at negative value with MCX Circular Setting Due Date Of Crude Oil Futures Contract
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