look news india
Mumbai: According to a report by Goldman Sachs, if the production of crude oil in Iran decreases then the price of crude oil is likely to increase by $ 20 per barrel next year due to the worsening of Iran-Israel tension over the past week. If Iran's crude oil production decreases by one million barrels per day, the price could rise to twenty dollars per barrel.
At present, the price of Brent crude oil has reached $ 78 per barrel, which was around $ 70 a fortnight ago. However, if OPEC does not increase production, the price will see a rise to $20.
Crude oil prices have been under pressure in recent days due to sluggish demand in China, but large-scale stimulus announcements in China are supporting its economy, which may push crude oil prices higher.
Iran plays a key role in the global supply of crude oil with 4 million barrels per day. Another research firm has also expressed the possibility that if a full-time war breaks out between the two countries, the price of Brent crude could go up to $100.
Government sources recently said that due to increasing demand for domestic crude oil, imports of crude oil from Iraq and Saudi Arabia increased significantly last month.
Crude oil imports from Iraq and Saudi Arabia increased by 16 percent and 37 percent respectively in September compared to August.
Last month, 8.90 lakh barrels per day of crude oil was imported from Iraq while 6.88 lakh barrels per day were imported from Saudi Arabia. Compared to August, total crude oil imports increased by 12.70 percent to 47 lakh barrels per day in September. India meets 85 percent of its total crude oil requirement through imports. Government sources said the recent fall in crude oil prices had made the situation favorable for India, but the Israel-Iran standoff has again worsened the situation.