Already rising Indian crude oil basket prices are rising

An already-rising basket of Indian crudes is on the rise, with the average price at daily cost jumping above $115 a barrel in June, compared with $109.51 in May and $102.97 in April.

The Indian has cut the excise duty on petrol by Rs 8/l and diesel by Rs 6/l on May 21 to combat rising inflation and avoid passing higher rates, which would force oil prices prices even further.

While price cuts more or less offset higher gasoline and diesel costs when state retailers restarted revisions in late March, prices are unlikely to drop anytime soon unless the decides to reduce the burden on ordinary again.

Crude oil in India traded at $115.17 per barrel on June 2, 2022 at Rs 77.59 per dollar, according to a Friday report by the Petroleum Planning and Analysis Group, the high average so far in June and likely according to international oil prices. The trading pattern of the market, keep it that way.

A partial EU embargo on Russian crude is likely to keep prices high in the short term, at least until the war in Ukraine ceases and demand increases in the world’s largest consumer as China begins to ease COVID-led restrictions.

Indeed, oil prices closed higher on Friday on expectations that OPEC’s decision to go slightly above its planned output increase target would not provide much support to expectations for an increase in global supply, which should tighten as China eases coronavirus restrictions.

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On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies OPEC+ agreed to increase output by 648,000 barrels (bpd) per month in July and August, instead of the previously agreed 432,000 bpd.

Brent crude rose $2.11, or 1.8 percent, to settle at $119.72 a barrel. U.S. West Texas Intermediate (WTI) crude gained $2, or 1.7%, to $118.87. Both benchmarks were up $3 in after-hours trading.

U.S. crude rose for a sixth straight week on tight U.S. supplies, sparking discussions about curbing exports or imposing windfall taxes on oil and gas producers.


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