Oil prices once again skyrocketed due to gossip between Russia and Saudi Arabia Russia and Arabia, the countries having reserves of crude oil, once again made people sweat by increasing the cost of oil. Due to their decision, the price of crude oil was again increased by about 30%, which had a huge impact on the global economy. It was seen that if the prices continue to rise like this, then the global central banks will have to take some steps to increase the interest rates. The members of the oil producing countries and the two largest countries in the oil market, Arab and Russia, created a ruckus in the country by increasing the prices of oils. Is
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People are left sweating due to rising oil prices
Many questions are arising in the minds of people and people are getting worried due to rising inflation. According to the news, Russia has increased its exports by about 2.5% between the months of April and June. Saved 8 billion dollars. Meanwhile, Saudi also made a profit of 2.6 billion dollars. The cartel between these two countries affected the market in such a way that both the countries had announced oil cut, at that time in July 2023, The price was around $76 per barrel and now the price of oils has been increased again by 30%.
Rising prices will have a big impact on the economy
‘Increasing the price of oil can have a great impact on the economy of our country because our country has just emerged from Covid. Meanwhile, increasing the price of oil can have a great impact on the economy of our country India. In this way, there is a stand on the import of crude oil, this shows that its impact can be seen on India also, due to this, the trade and economy reserves will be affected on the Indian currency. In this way, the interest rates of global banks are being increased. they will be forced to
People are getting worried due to less oil in the market
Meanwhile, India has appealed to these two countries to increase oil production. Meanwhile, due to less oil in the oil market, the prices of crude oil are jumping rapidly which can go up to close to $100. Meanwhile, these two countries The benefit from this inflation is no less than a boon for both these countries.
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Russia will benefit greatly from rising inflation
In this, the ongoing war between two countries, Russia and Ukraine, will help in improving the economy of Russia. In this, Russia is going to benefit a lot. OPEC Plus, an organization of 24 countries, includes 13 countries including Arabia and 11 other OPEC countries. Arab’s status is very good in India, hence Russia is also being inclined towards it. Earlier, Russia was selling oil to India at a good discount, now the same Russia has suddenly formed a cartel with Saudi Arabia and the oil prices have skyrocketed. This is how These two countries will increase oil prices by cutting oil prices.