With the decision of OPEC Plus on Crude Oil Production Plus, India has to face new problems in the coming days. With the increase in inflation, all hopes of getting cheaper petrol and diesel may also end. Economic pressure can be seen on India. The burden of import bill on the country can also touch a new height. All these warnings have been given by the International Energy Agency ie IEA. According to IEA, pressure can be seen in the global economy in the second half of the year. The biggest reason for this is to cut oil production from OPEC Plus.
India imports most of its requirement
Responding to a question about the possible impact of Saudi Arabia’s oil production cut on countries like India, IEA Executive Director Fatah Birol told ANI that India is a country that imports energy and oil. India imports most of the oil it needs. Such a move can increase India’s oil import bill, due to which the Indian economy and consumer can be burdened.
Loji, the prediction was done a day ago, inflation may be the lowest in 15 months
60 percent decline in Russian oil revenue
On the announcement of oil production cut by Saudi Arabia, Birol insisted that Saudi Arabia, Russia and other OPEC plus producers have decided to cut oil production. After this decision, tight can be seen in the global economy in the second half. Commenting on the effect of the ban on Russian oil, Birol said that it depends on the purpose for which the ban has been imposed. Today, Russian oil and gas export revenues have declined by nearly 60 percent since February 24, when the war began. If we consider that oil and gas export revenue is a very important input for the Russian budget, then this is a big challenge for the Russian economy.
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India is doing legal business
Fatih Birol acknowledged that India has been identified as a major country that imports crude oil and then re-exports refined oil to European countries. He said that this is a legal way of doing business. Discussing the impact of Ukraine’s war on the energy sector, Birol stressed that new energy will promote peace throughout the world. He further said that Russia, which is currently the world’s largest natural gas importer, is facing increasing competition as more countries are producing and exporting the gas. Birol predicted that in the next few years, the flow of Liquefied Natural Gas (LNG) would lower prices in the markets and reduce concerns about gas supply security.
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Russia is taking maximum oil
According to the report, at present, India is taking maximum oil from Russia. According to energy tracker Vortexa, Russia imported more than 1.6 million barrels per day of rice in the month of March. While Saudi Arabia is at number two. The Gulf country has imported 9,86,288 barrels per day to India in the month of March. Iraq has supplied 8,21,952 barrels, UAE 3,13,002 barrels, Africa 2,55,627 barrels, America 1,36,464 and other countries have supplied crude oil to India totaling 6,88,378 lakh barrels per day.
