Crude oil prices in the global market fell by 18 per cent due to United Arab Emirates (UAE) increasing production.
With this fall, Brent crude came down to around $114 and the US benchmark WTI (West Texas Intermediate) at $110 a barrel on Thursday.
Due to the ongoing war between Russia-Ukraine, the supply of crude oil has been affected. Due to this, crude oil reached a 14-year high of $ 139.13 per barrel on March 7, 2022.
Amid the supply crisis, the UAE ambassador said he was in favor of increasing production to arrest the rise in crude oil prices.
India will benefit more from UAE’s decision to increase crude oil production. India imports 85 per cent of its crude oil consumption. Recently, the price of crude oil had reached $ 139 per, due to which there is a possibility of a big increase in the prices of petrol and diesel in the country.
Kalinga AI