There may be a big increase in the price of petrol and diesel
One reason behind the increase in the price of oil is also being told that the way the price of natural gas has increased all over the world, due to which there was a rumor in the market that people can now resort to alternative fuels. This rumor has disrupted the supply of crude oil.
There is bad news for those who are expecting a fall in the price of petrol and diesel. In view of the rapid increase in crude oil prices in the global market for the last 5 days, there is little scope for falling oil prices in the domestic market. Who can say that the price will come down, now more signs of increase are being seen. On Monday, crude oil prices (Brent Brent) were at their peak after the year 2018. Its pace is moving towards touching the price of $ 80 per barrel.
It is being said that after the end of the lockdown of Kovid and the restrictions in place, the vehicles have come on the roads. People are using oils a lot. Therefore, the demand has increased but the oil wells are not spewing crude oil accordingly. This has created a huge gap between demand and supply, which has set the prices on fire.
keep up the pace
A Reuters report says that the price of crude oil per barrel in London at 0900 (GMT) was US $ 79.24 and it has seen a rise of about 1.5 percent from the previous day. Crude oil has continued to rise continuously for the last three weeks. The situation is more or less similar in American, where crude oil prices were seen at $ 75.05 with an increase of 1.5 percent compared to the previous day. This is the highest price since July this year.
What does the Goldman Sachs estimate say?
An estimate by Goldman Sachs suggests that by the end of this year, the price of Brent can touch $ 90. After the softening of the Delta variant of Corona all over the world, people’s activities have intensified and the demand for oil is increasing rapidly. Similarly, due to the recent devastation of Hurricane Ida in America, serious impact on oil supply is also being seen. Goldman has said in his estimate, there is a greater demand and supply gap than was expected. After coming under the JD of Delta variant, this fast recovery will be seen in the world, no one had imagined that. In the coming time, further reduction in supply can be seen.
OPEC raised hands
On the other hand, OPEC, the organization of oil producing countries, has already raised its hands. He says that increasing the supply of crude oil in such critical times is beyond his power. OPEC’s cry is that investment in oil wells or supply infrastructure has gone down and infra maintenance is going on at a very slow pace. Hence, there is less chance of increasing the supply. There is also a stir in the Gulf of Mexico, due to which there is difficulty in supply. The situation is almost the same in Europe with the US market.
what is the situation in india
One reason behind the increase in the price of oil is also being told that the way the price of natural gas has increased all over the world, due to which there was a rumor in the market that people can now resort to alternative fuels. This rumor has also spoiled the oil game. As far as India is concerned, if we look at the record of the last three months, the import has increased the most in August. This big jump has been seen in imports after July as refiners gathered large quantities of oil in view of the increasing demand for oils.
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