New Delhi. The problems for petroleum importing countries like India, which depend on the international market to meet the requirement of petroleum products, seem to be increasing once again. Due to the accident of Gulf of Mexico oil wells and aftershocks of Hurricane Ida, the price of crude oil in the international market is showing an upward trend for the fourth consecutive week. Due to the continuous increase in the price, the price of crude oil has increased by more than $10 per barrel during the last four weeks.
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Let us tell you that in the month of August, a major accident occurred due to a fire on a crude oil platform of the oil company Petroleos Mexicanos Pemex located in the Gulf of Mexico, due to which crude oil from all 125 oil wells adjacent to the oil platform. The production of fried had to be stopped. Crude oil production from the Gulf of Mexico was not even recovered from this accident that cyclonic storm Ida almost completely stopped oil production from the Gulf of Mexico. Still all the oil platforms here have not been made operational in a smooth manner. Due to which the average daily production of crude oil from here has come down by about 4.25 lakh barrels.
On the other hand, after the havoc of Corona infection subsided, business activities around the world have started returning on track. Due to which the demand for petroleum products is increasing continuously all over the world. In such a situation, the price of crude oil has also started going up. Brent crude, which was trading at a level of $ 65.28 per barrel in the month of August, has once again reached the level of $ 75.34 per barrel. Last Friday, Brent crude had closed at $ 72.92 per barrel. But in this trading week, its price has risen by $ 2.42 to reach the level of $ 75.34. Despite this rise in the price of crude oil, it is a matter of relief for the Indian consumers that the price of petrol and diesel in India has remained stable.
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Experts say that there is a possibility of disruption in the production of crude oil from the Gulf of Mexico in the current trading week as well. However, the oil company Petroleos Mexicanos Pemex claims that the production of crude oil will start smoothly from all oil platforms from the next trading week. Along with this, this company has also indicated that the reduction in crude oil production due to the accident and cyclonic storm will be met by increasing production in the coming days.
Experts say that if there is an increase in the production of crude oil in the Gulf of Mexico and the oil company Petroleos Mexicanos Pemex increases its production, then it will once again increase the arrival of crude in the international market, so that the crude oil There may be a downward trend in the price. However, until the price of crude oil does not fall, the problems of crude oil importing countries like India will continue to increase.
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