Fuel prices may increase due to Saudi decision..!?

Saudi Arabia, Asia, europe, and other regions are pointing to the increasing demand, and it seems that they are going to raise the price of crude products exported to these regions. The easing of restrictions in china may lead to continued demand for crude oil. Already, the price of crude oil has increased from more than 100 dollars. While it has decreased, now there is a fear that it may reach that level again. Especially when China's economy is booming, it may lead to fuel demand. Fuel prices are expected to increase due to this. Also, while the main economic countries are currently returning to growth, inflation is a major obstacle. However, as the central banks of various countries are taking steps to reduce inflation, this may also be further support. Saudi Aramco plays a major role in fuel supply to Asian countries, so the price increase from april may have a further impact.
As Asian countries are major customers in crude oil supply, this could have a major impact on Asian countries. Especially when countries like india are importing more and more, this may further fuel inflation. Similarly, North West europe and the Mediterranean region have also raised prices. Already, european countries are planning to gradually reduce their oil purchases from russia and buy from neighboring countries. Meanwhile, this price hike may have an impact on the above country as well. Meanwhile, Brent crude oil prices were down 1% today at $85 a barrel. It was seen at around $115 by mid-2022. As economic growth shrunk, growth shrunk.This has had an impact on supply in the context of the ongoing conflict between russia and Ukraine. So this also has an impact on the price. This has also led to an increase in prices. Aramco President Amin Nasser said that while there is a strong demand in china, there is also a high demand in europe and America. Internationally, saudi arabia is the largest oil exporter. saudi arabia, which plays an important role in the OPEC countries, has said that there are no plans to increase production until next year. So this has led to a further price hike.60% of Aramco's oil exports are imported to Asian countries. Many of these are long-term contracts. However, the price is reviewed every month. Countries that buy from Aramco include china, Japan, South Korea, and India. This decision by Asia Saudi may lead to price increases in major importing countries like India. And with european countries looking to other vendors besides russia, this could have a further impact.

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fuel prices might increase

Sowmiya Sriram

06/03/2023 05:37 PM