Russia has started the game.!? petrol & diesel prices will rise again..?

After the Russia-Ukraine war, when the world realized the extent of Russia's dominance in the crude oil market, using this same dominance, russia made a shocking announcement at a time when recession fears are high. It has been decided. While the interest rates have already been kept high due to high inflation, now it has reduced the production of crude oil and has given a big shock to the world countries. Russian Deputy prime minister Alexander Novak announced on friday that russia has decided to cut its crude oil production by 500,000 barrels per day from March. However, Alexander Novak, Russia's Deputy prime minister, has said that we will not sell oil to those who directly or indirectly adhere to 'price ceiling' policies.
Brent crude oil prices rose 2 percent to $86.36 following Russia's announcement that it has decided to cut production by 500,000 barrels per day in March. This will increase the price of crude oil purchased by india, which is likely to increase the price of petrol and diesel sold in the indian retail market. Recently the Ukraine-backed West set Russian crude prices at just $60 a barrel. Similarly, the price range of other crude oil-based products has also been reduced. Russia has refused to accept this and has now cut production. In response to russia, the G7 banned the EU and australia from using maritime insurance, financing, and brokerage provided by Western countries. It decided to import. It is great damage to russia and Europe.And russia will continue to provide discounts on crude oil to india even if it reduces its crude oil production. And the US also recently announced that it has no problem buying crude oil from russia at its current price.

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crude oil

Sowmiya Sriram

10/02/2023 10:37 PM