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Crude Oil Price: There is good news for India on the new year. Petrol-Diesel Prices may come down in India in the coming days. Crude oil prices have decreased in the same way and now after this step of Saudi Arabia, crude oil can become even cheaper for India. Saudi Arabia has decided to reduce the prices of crude oil. Saudi Arabia has decided that it will sell crude oil in Asian countries and Europe at cheap prices.
Saudi Aramco, the largest oil company of the Saudi Government, has reduced the prices of all types of crude oil sold in Asia in February 2023. Saudi Arabia exports 60 percent of crude oil to Asia under long-term contracts, for which the price is reviewed every month. India, China, Japan and South Korea are among the biggest buyers of oil from Saudi Arabia. It is believed that after this decision of Saudi Arabia, countries like Iraq and Kuwait can also decide to cut prices. In fact, after the global economic crisis and the rise in the cases of Corona virus in China, the demand for crude oil may be affected, due to which Saudi Arabia has decided to sell crude oil at a lower price.
There has been a similar decrease in the prices of Brent Crude Oil. After the Russia-Ukraine War, the price of crude oil had increased to $139 per barrel. In June 2022, crude oil was trading at $ 125 per barrel. Which is now trading around $ 80 per barrel. In the first week of 2023 itself, the price of crude oil has decreased by 7.5 percent. After a huge jump in interest rates in the US and the strengthening of the dollar, there has been a similar reduction in consumption in the US, Europe and China.
But this news has brought relief for India. India is already buying crude oil from Russia at a lower price than before. Now he will be able to get crude oil from Saudi Arabia also at a lower price. This will help in reducing the import bill. So in the coming days, the common people will be able to get relief from inflation by reducing the prices of petrol and diesel. This is news of relief for the industry that uses crude oil, such as the company that manufactures paints.
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