New Delhi. Troubled by the all-time high price of petrol and diesel, bad news has come from the international market for India. Crude oil is becoming increasingly expensive in the international oil market. Brent crude has become almost expensive in the international market and has crossed the level of $ 76 per barrel. In the last trading session, Brent crude has risen by $ 1.31 to reach a level of $ 76.05 per barrel. Similarly, American West Texas Intermediate Crude (WTI crude) also rose by $ 1.33 to $ 73.62 per barrel. In the last ten days, the price of Brent crude has risen by more than $ 4 per barrel.
This news from the international market is also worrying for India because India meets more than 80 percent of its petrol and diesel needs from imported crude oil. The increase in the price of crude oil in the international market directly affects the prices of petrol and diesel in the domestic market. However, it is a matter of relief for the consumers using petrol and diesel in India that despite the increase in the price of crude oil in the international market, there has been no increase in the price of petrol and diesel in the domestic market for the last 13 days. Due to this, petrol is currently being sold in the capital Delhi at the level of Rs 101.84 per liter and diesel at the earlier level of Rs 89.87 per liter.
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It is being told that due to the increase in the price of crude oil in the international market, there is pressure on the government oil marketing companies in India to increase the price of petrol and diesel, but crude oil in the meeting of OPEC+ countries. Due to the decision to increase the production of oil companies, the state-owned oil marketing companies are currently keeping an eye on the international market before taking any decision.
It is being told that the main reason for the rise in the price of crude oil in the international market is believed to be the increase in the purchase of crude oil for US oil reserves. In fact, only last week, the American Petroleum Institute released the figures of reduction in US crude oil reserves. According to this, due to increase in crude oil extraction, there has been a decrease in US crude oil inventories. For this reason, America is buying crude oil on a large scale to replenish its oil reserves. Due to this, the price of both Brent crude and WTI crude has increased in the international oil market.
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It is believed that after the completion of purchases for US oil reserves, the price of crude oil may fall once again. According to commodity export Vijay Sawant, an agreement has been reached between the oil exporting countries and their allies (OPEC Plus) to increase the supply of crude oil. In the meeting of OPEC Plus, it has been decided to increase the production of crude oil by 4 lakh barrels daily from August 2021 to December 2021. After the implementation of this decision from August, the supply of crude oil will increase in comparison to the demand in the international market, due to which there will be a possibility of reduction in the price of crude oil. In the meeting of OPEC Plus countries, along with Russia, Saudi Arabia, Iraq and Kuwait also demanded to increase their production quota, which the organization had agreed to.
It is expected that due to the consensus reached between OPEC+ countries, crude oil prices should not increase further at the production level. If the price of crude oil does not fluctuate much, then the prices of petrol and diesel in India may also remain stable. On the other hand, if there is a decrease in the price of crude oil due to increase in production, then petrol and diesel can be expected to be somewhat cheaper in India too.
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