By Admin 
After the US-Iran war has stopped, the situation has started becoming normal, because the price of crude oil has fallen to 72 dollars per dollar. Meanwhile, another good news has come that Saudi Arabia, the world’s largest oil producing country, has made the biggest cut in the oil supplied to Asian countries for the month of August in the last 26 years. The reduction in the price of crude oil is being considered a big relief for India. Due to this, the prices of petrol and diesel in India are expected to reduce.
According to Bloomberg report, Saudi Arabia’s state oil company Saudi Aramco has decided to reduce the price of crude oil for Asia by $ 11 per barrel from August. This means that Arab Light crude will be available at a discount of $ 1.50 per barrel compared to the regional benchmark.
India imports a major part of its oil requirement from Saudi Arabia. In such a situation, this is being considered as a big relief news for Indian companies. However, crude oil prices have been soft in the global market since mid-June. The price of Brent crude in the international market has now come down to around $72 per barrel, which is around the level of the end of February this year.
Now there are many options for cheap oil
Let us tell you that after the end of the war between America and Iran, the movement of ships through the Strait of Hormuz has started again. It was closed due to war. As soon as Hormuz opened, oil company Saudi Aramco rapidly increased the shipment of crude oil from Ras Tanura port to 90 percent of the pre-war level. Due to the closure of Hormuz, the company had to send its goods via Yanbu port on the Red Sea, at which time the costs were increasing significantly. However, now due to normal oil supply, there are many options for cheap oil.
Apart from all this, OPEC Plus group led by Saudi Arabia and Russia has also announced an increase in oil production quota for August. Countries like Saudi Arabia, Iraq and Kuwait are fully utilizing their increased quota and releasing oil in the market.
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