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

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