The wind of a sudden fall in the global price of crude oil: the market lost the lowest level of 67 dollars


- Occasional

- Surprise among players as crude oil prices remain under pressure

- US and China's new purchases against production cuts by Russia lower than expected: The impact of the banking crisis was seen on prices

Global crude oil markets have recently seen a rapid reversal of tides. Market prices have remained under pressure overall. Although there is a rise from falling prices but it is like rising and the prices have been seen to come down again. Recently, after a crisis-like situation arose in the banking sector in America, its train has spread to Europe and Britain. In such an environment, the global economy has been affected. Stock markets have tumbled. This has also affected the global demand for crude oil. Crude oil prices in the world market recently crashed and were seen trading at a one-and-a-half-year low at one point. World market informants said that such a decline in crude oil prices was last seen in 2021. However, according to news from Russia, Russia has decided to continue the recently decided cut (reduction) in crude oil production till the end of June.

Russia earlier cut its crude oil output by five million barrels a day and has decided to continue the cuts until the end of June. Thus, there are indications that the supply of crude oil from Russia in the world market will remain low till the end of June. Despite this, the market players were showing surprise as crude oil prices remained under pressure in the world market. However, recently there have been reports of an increase in the crude oil stock of around 30 to 35 lakh barrels in America and its effect has been seen on the price. The OPEC meeting is likely to be held in the first week of April. As the price of crude oil has fallen in the world market, the possibility that the OPEC organization may decide to reduce the production of crude oil has also been discussed in the world market. Meanwhile, the Federal Reserve in the US has recently hiked interest rates by another 0.25 percent. The effect of this has also been seen on the price of crude oil in the world market. New US demand for crude has been lower than expected.

In the world market, there was news that the price of New York crude fell below the level of 67 dollars per barrel. Brent Crude prices fell below $73. The eyes of world market players are now on the next meeting of OPEC. The market is also looking at how the banking crisis in the global market now takes an upward turn. Meanwhile, there have been reports that the cases of Corona are increasing again in India and due to this, the market has also seen panic. Before this, the cases of Corona had increased in China and while the Corona has been controlled there, now there has been an increase in such cases in India. On the other hand, various figures regarding the development of China's post-corona economy have been good. In view of this, the market experts were hoping that China's demand for crude oil in the world market would also increase due to the low level. The President of China recently visited Russia and the President of China also met the President of Russia. During this visit, it was hoped that China's purchase of Russian crude oil would increase and a deal would be made between China and Russia on this subject. However, the visit of the President of China to Russia Since then, there has been no official announcement regarding this and due to this, the global market has seen the surge in crude oil prices fade again. As a result of the Russia-Ukraine war, various sanctions were imposed on Russia by the United States, Europe and Britain, and as a result of this, the purchase of Russian crude oil and gas from these countries stopped, Russia has to look to India and China to buy crude oil. Recently there were also indications that the import of Russian crude oil has increased in India. The International Energy Agency has also released a report on the significant increase in imports of Russian oil into India and the report also stated that such imports in India have increased unreasonably to un-comfortable levels.

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