Crude Prices Rose: Crude oil prices have caught fire in the international market. According to the news agency Reuters, there are reports that Iran-backed Saudi rebels have fired missiles at Saudi Arabia’s oil bases. Since then, there has been apprehension about the supply of crude and prices have risen sharply. On March 8, Brent crude crossed $ 71 in the morning. At the same time, WTI crude has also become the most expensive in 2 years. Experts are now seeing a further rise in crude prices due to geo-political tension. In such a situation, the hopes of petrol and diesel becoming cheaper in India may come as a shock.
Brent crude has gone beyond $ 71 a barrel. This is the highest price since the corona virus epidemic. At the same time, the price of WTI crude rose to $ 67.50 per barrel. It has crossed $ 67 for the first time since October 2018. The Saudi rebels have carried out attacks on Saudi Arabia’s oil and military bases with precedent. However, no major damage has been reported so far.
World’s largest oil terminal
The rebels have attacked the Ras Tanura base of Saudi Aramco. It is the largest oil terminal in the world. It has a capacity to export 6.5 million barrels per day, which is currently 7 percent of the oil demand. Anuj Gupta, deputy vice president of Angel Broking, says that due to the geopolitical tension, this boom in crude oil will continue. Further, Brent crude can be expensive up to $ 73 per barrel and WTI crude up to $ 70 per barrel.
No production cut yet
Recently, OPEC and its partner countries, which produce and export crude oil, decided to keep their current level of cuts in oil production close to their current level. According to the report, the current consensus on cutting oil production was maintained in the online meeting of the oil-producing countries of OPEC, led by OPEC and led by Saudi Arabia. Under this, Saudi Arabia will continue the reduction of one million barrels daily till at least April.
10 lakh note coming in this country, only 39 rupees value in India
Petrol, diesel at record highs in India
In India, petrol and diesel prices have recorded a record increase this year. In Rajasthan, normal petrol is being sold beyond Rs 100 per liter. This is the first time when the price of normal petrol has crossed 100 rupees in the country. At the same time, petrol and diesel are at their record highs in most cities including Delhi and Mumbai. In Delhi, petrol is selling beyond 91 rupees per liter and diesel is selling beyond 81 rupees per liter.