Rising Prices of Crude Oil & its Impact on Indian Economy
Recently, Brent crude jumped to a 10-month high and breached $93/barrel mark for the first time in 2023.
Reasons for Rise in Brent Crude Prices
Voluntary Oil Output Cuts: The latest uptick came after major oil producers – Saudi Arabia and Russia, two major oil-producing countries, extended their voluntary oil output cuts by a combined 1.3 million barrels per day (bpd) until the end of the year. This move tightened the global oil supply, leading to a surge in international crude prices.
OPEC+ Cuts: In addition to Saudi Arabia and Russia's cuts, the Organization of Petroleum Exporting Countries and its allies ....
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