Crude Oil Price Impact: There is turmoil around the world regarding the prices of crude oil. The war between Russia and Ukraine affected the supply and its prices touched the sky. Only after the start of this war, the price of crude oil had reached the level of $ 139 billion, but now there has been some softening in it. However, it still remains at a high level. Meanwhile, the step taken by Saudi Arabia has increased the problems of Asian countries. Actually, the world’s largest oil exporting country has increased the price of crude oil for Asian countries.
It is worth noting that for the month of July, the official selling price (OSP) of Arab Light Crude Oil for Asian countries has been increased by $ 2.1 per barrel as compared to June. In view of the high demand for oil in the summer, Saudi Arabia has taken this decision in view of the high prices of crude oil. India has also suffered a major setback due to this decision of Saudi Arabia. India will be the most affected by this, because India imports a large amount of oil from Saudi Arabia.
Although analysts had already predicted such a move by Saudi Arabia, but they only expected an increase of about $ 1.5 in crude oil prices. The increase that has been made is much more than this.
These countries will be the most affected by this decision
Saudi Aramco, the world’s largest oil company, has made this decision despite the agreement between OPEC plus countries to increase oil production by 648,000 barrels per day in July. This has increased the problems of Asian countries. Let us tell here that the increased crude oil prices for Asian countries will have the biggest impact on India and China. Although India and China are continuously buying Russian oil. Saudi Aramco increased crude oil prices on Sunday night. However, there was no change in the price of crude oil for America.
Increase in petrol and diesel is suspected
The increase in the price of crude oil in the international market will have a direct impact on the prices of petrol and diesel in the country. Let us tell you that after the reduction of excise duty of the government, the oil prices in the country are stable, in such a situation, the oil companies will have to suffer a lot due to the increase in the prices of crude oil and to reduce the increasing deficit, put the burden on the people of the country on their behalf. May go. This burden will be reflected in the increase in the prices of petrol and diesel. If this happens, then the inflation is sure to increase in the coming days.