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 ....
Do You Want to Read More?
Subscribe Now
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 Gender Neutrality in Indian Laws: An Unfinished Agenda
- 2 Global Pandemic Treaty: A Milestone in International Health Diplomacy
- 3 Caste Census: Significance and Challenges
- 4 India-UK Free Trade Deal: Big Gains, Bigger Challenges
- 5 India’s Global Diplomatic Outreach
- 6 The Legal and Ethical Quandaries of Opinion Trading Platform
- 7 Harnessing Technology and Innovation in Indian Aquaculture
- 8 India’s Steady Economic Growth: Resilience in the Face of Global Headwinds
- 9 The Absence of Agriculture in India’s FTA: Causes and Implications
- 10 Indian’s Extended Continental Shelf Claim in Arabian Sea
