Thursday, April 20, 2023

According to the IEA, rising oil prices could harm the economy and users

Paris, France.
Due to the recent decision by Opec+ to reduce production, the International Energy Agency (IEA) stated on Tuesday that oil prices are expected to rise from their current levels of approximately $85 a barrel and warned that it could “put a burden” on the Indian economy and consumers.

The organization, which tracks energy markets in significant economies, additionally said it was "genuine" for India to import unrefined from Russia and commodity petroleum and diesel to different nations, including Europe. " India is carrying out this in an open manner. After meeting with India's commerce and industry minister Piyush Goyal, IEA executive director Fatih Birol stated, "And India is profiting by importing crude at a lower, discounted price."

Russia, which has been hit hard by sanctions, is now India's second-largest source of crude thanks to skyrocketing oil imports. Exports of petrol and diesel from India have also increased by nearly 50% to $86 between April and February 2022-23. 2 billion, with a significant rise in shipments to the Netherlands and other nations.

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