20.3 C
New York
Sunday, August 14, 2022

India crude oil basket at over-1-wk high of $116.72/bbl on Wed

Informist, Thursday, Jun 30, 2022

 

–India crude basket up $1.18 at $116.72/bbl on Wed

 

NEW DELHI – The price of India’s crude oil basket rose by $1.18 to hit an over one-week high of $116.72 per barrel on Wednesday, according to data from the Petroleum Planning and Analysis Cell.

 

Crude oil prices in India and abroad rose for the fourth day due to tight supply. 

 

Production capacity in Saudi Arabia and the United Arab Emirates has fallen significantly, with reports claiming that the UAE may only have spare output capacity of about 1.5 mln barrels per day. 

 

Additionally, the Group of Seven countries have agreed to introduce a price cap on Russian crude oil. The group is also likely to impose more sanctions on Russia which may further affect supply from the country. 

 

India’s crude oil basket comprises Oman-Dubai sour grade and dated Brent sweet crude. The country imports over 80% of its domestic oil needs.  End

 

US$1 = 78.97 rupees

 

Reported by Uddipta Banerjee

Edited by Akul Nishant Akhoury

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,292FansLike
12,893FollowersFollow
748FollowersFollow
- Advertisement -

Latest Articles

Popular Articles