new Delhi. Due to the Russia-Ukraine crisis, the price of crude oil in the international market is increasing continuously. India, the world’s third largest oil consumer, buys 85 percent of its oil needs. In such a situation, expensive crude can give a blow to India on the import bill front. This will also increase the trade deficit.
To avoid these shocks and give relief to the common man, the government can use its strategic oil reserve. In November, the government had decided to extract 5 million barrels of oil from the oil reserve. Out of this, 35 lakh barrels of oil have been extracted so far. International Brent crude reached an all-time high of $ 105.58 per barrel on February 24 due to Russia’s attack on Ukraine.
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Government eyes on global markets
The Ministry of Petroleum says that the Indian government is closely monitoring the global energy markets. This can help to know about the disruptions in the supply of energy as a result of the changing geo-political situation. India stands ready to take appropriate steps to ensure that the current supply continues at stable prices.
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No mention of impact on consumer price
The statement made no mention of the impact of the increase in international prices on consumer prices. It said that India is also committed to supporting the initiative to release oil from strategic petroleum reserves, to reduce volatility in the market and to contain the rise in crude oil prices.
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Agreed to release 50 lakh barrels of oil
In order to bring down international oil prices, India along with the US, Japan and other major economies had agreed to release 5 million barrels of crude oil from its emergency reserves in November last year. Then the international price of crude oil was $ 82-84 per barrel. The statement did not say in what quantity India would release crude.
Russia sells 5 million barrels of crude oil per day
Russia is the world’s second largest oil exporter and third largest producer. Russia exports 5 million barrels of crude oil every day. 48 percent of Europe and 42 percent of Asian countries depend on Russia. Therefore imports from Russia cannot be ignored. At present, Saudi, the world’s largest oil exporter, is also seen standing with Russia.
Tags: Crude oil, Crude oil prices, Indian Government, Petrol diesel prices
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