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Petroleum exports drop sharply as West tightens squeeze on Russia
Mint Mumbai
|February 20, 2024
Earnings from petroleum shipments fell steeply in April-January FY24 due to the global economic slowdown, a rise in domestic consumption, and shrinking discounts on Russian oil.
India had expanded its export markets for refined petroleum products during the last financial year.
According to data from the government's Niryat portal, earnings from exports of chemicals and petroleum products stood at $67.11 billion in the April-January FY24 period, down 11.29% from $75.65 billion in the year-ago period.
Earnings from exports to Europe, and the CIS region (republics of the former Soviet Russia) rose but not enough to balance out declines in shipments to Africa, West AsiaNorth Africa (Wana) and South America.
The price of Brent crude stood at $82.99 a barrel on Monday, up 1.07% over the year.
Diese Geschichte stammt aus der February 20, 2024-Ausgabe von Mint Mumbai.
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