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Oil nears $90 for the first time in 2023
Mint Mumbai
|September 07, 2023
Oil prices hit a 10-month high of nearly $90 per barrel as Saudi Arabia and Russia extended their voluntary production and export cuts until the end of the year.
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For a nation that is more than 85% dependent on imports for its oil needs, the surge in prices means India will have to shell out more and the prospect of returning to market-driven petrol and diesel prices in the near future diminished further.
Brent crude prices surged around 6.5% over the past week after Saudi Arabia, which leads the expanded Opec+ cartel with Russia, decided to keep its one million barrels a day reduction in supplies to the global market until the end of December. Russia has added its own voluntary export cuts in recent months.
Dit verhaal komt uit de September 07, 2023-editie van Mint Mumbai.
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