Oil prices are on the rise once again. This week, they reached a four-month high as the US intensified its efforts to target Russian crude. The goal is to undermine Russia’s oil industry and cut down its global supply. These actions have triggered a surge in the oil market. Now, for a country like India, this is a big deal because India imports nearly 90% of its crude oil. So, whenever oil prices rise, it hits India almost immediately. Brent crude, the global benchmark for oil prices, crossed $82 per barrel this week. To put it into context, one barrel holds 159 liters of oil, meaning 159 liters now cost $82. Brent crude was last trading at these levels in August last year. So, what’s causing this spike? It’s the American sanctions. Last week, the US sanctioned 183 tankers that were part of a "shadow fleet". These tankers weren’t directly linked to Russia but were still supplying Russian oil. The sanctions have made things worse for countries like India. By February, Russian oil supplies could drop to less than 800,000 barrels per month. For comparison, India imported over 1 million barrels in December. This is especially concerning because Russia is one of India’s main suppliers. In November, it was the largest supplier of crude to India. Now, with supplies shrinking, India will have to look for alternatives to meet its oil needs. On Vantage tonight, Palki Sharma delves into the full story.
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Oil | Prices | Russia | Russian Oil | USA | Brent Crude | India | Vladimir Putin | Oil Supply | Oil Price Hike | Oil Price in India | Crude Oil
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