OPEC+ Decisions on Crude Oil: There is now going to be a brake on oil purchases from Russia, which supplied cheap crude oil to India amid the Ukraine war. Due to US sanctions, Indian companies have decided to stop purchasing crude oil from two major Russian oil companies for the time being. Meanwhile, the decisions taken in the recent meeting of OPEC Plus, a group of oil producing countries, have further increased India’s concerns.

Two big decisions of OPEC Plus

According to the New York Times report, OPEC Plus countries took two important decisions in the meeting held on Sunday – daily oil production will be increased by 1.37 lakh barrels from December 2025. However, this increase is very minor compared to global demand. There will be a complete brake on production growth in the first quarter (January–March) of the year 2026. This means that there will be no increase in production during this period and the market situation will be closely monitored.

Difficulties may increase for India

OPEC Plus is an alliance of 22 major oil producing countries of the world, which has a major impact on global oil production and prices. If production remains limited, international prices of crude oil may increase. For India, which imports about 85% of its oil requirements, the import bill is set to rise. Due to this, there is a possibility of increase in both fiscal deficit and inflation. Also, due to increase in demand for dollar, pressure on rupee may also increase.

America has recently imposed new sanctions on two major Russian oil companies, due to which India has had to stop the purchase of cheap Russian crude oil. Now Indian companies are preparing to source crude oil from alternative suppliers – like Saudi Arabia, Iraq and UAE, but the prices there are relatively high.

According to experts, if OPEC Plus limits the increase in production and reduces imports from Russia, then in the coming months India may see an increase in petrol and diesel prices, increase in inflation and weakening of the rupee.

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India and America are two major economies of the world and are also important business partners of each other. There is a trade of billions of dollars every year between the two countries. If for some reason the trade between India and America stops completely, then it is a big question that who will suffer the most. If trade between India and America is completely closed, then both countries will be clearly affected, but in this situation India will suffer more loss. Let’s know in detail about this.

Who will suffer more loss

India’s economy is much smaller than the US and its dependence on global trade is more. America is the largest export market in India, a large part of areas like pharmaceuticals, IT services, textiles, gems-jewelery. If the business suddenly stops, then these industries will be hit directly, due to this, not only the income of these companies will fall, but the jobs of millions of people will also be in danger. Foreign exchange reserves, new investment and startup sectors will also have a serious negative effect.

What do data say

First of all, look at the figures. In the year 2023-24, the total bilateral trade between India and the US has been around $ 118 billion. In this, India exported about $ 77 billion to the US, while imported from the US about $ 41 billion. That is, India has a trade surplus of about $ 36 billion with America. If the trade stops then India will suffer loss, because the American market is the biggest customer for Indian IT companies, pharma and textile industry. Millions of jobs will be directly affected. About 60 percent of the IT sector earnings come from the US itself.

America will cost generic medicines expensive

In contrast to this, if we talk about America, then the options of Indian market and supply may be fast available for there, especially electronics, clothes and some medicines. Yes, but America can also find generic medicines and some other items expensive and many companies will have to find a new supplier. But the big and diverse economy of America and many of its business partners can get rid of this loss quickly.

What will be the condition of America

Overall, the loss of the US market for India will have a more serious impact on its economy and industries, while the impact on America will be relatively limited. For this reason, experts believe that in the event of such a business captive, India will get more shock in both economic and social terms.

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Iran Decision on Hormuz Oil Corridor: On Sunday (June 22, 2025) amid the ongoing war with Israel, the US also attacked Iran. America’s B-2 bomber aircraft have attacked Iran’s three nuclear bases with bunker buster bombs. After the US attack, Iran’s Parliament has now taken a big decision.

In fact, Iran’s Parliament has decided to close the International Corridor Hormuz after the US attack. This decision of Iran will affect the economy of countries around the world. This will also increase oil prices worldwide. For this, the prices of many other things will also increase.

20 percent of oil and gas in the world from business hormuz corridor

The hormies are the smallest marine route for cargo ships between Persian Sea and Gulf of Oman. About 20 percent of oil and gas in the world is done through this route. In such a situation, if this route stops and cargo ships change their path and import and import to their destination, then it will increase the transportation charge and it will take more time to travel the way.

Will try to keep the US and Israel corridor open

The impact of this decision of Iran will be seen on countries around the world, because it will affect the global economy. In such a situation, America and Israel will try to keep the hormuz corridor open through air defense. At the same time, European countries will also come in favor of keeping the hormuz corridor open due to economic instability and the battle of Iran-Israel will now be fought in the Gulf of Arabia.

The decision to close the hormuz bay of Iran’s parliament will not only increase the scope of this fight, but will also make it more severe. On the other hand, Huti rebels in Yemen have also warned to target the cargo ships of Israel and America in the sea.

Iranian Parliament approves verdict, will be implemented after the consent of the Security Council

However, Iran’s official news channel said in its report on Sunday (June 22) that Iran’s Parliament has approved the decision to close the hormuz corridor. Now this decision has reached the Supreme National Security Council of Iran for the last approval. If the Security Council gives its consent to this decision, the hormuz corridor will be closed.

At the same time, Iran MP and Commander of Revolutionary Guards, Ismail Kosari, told the Young Journalist Club that the proposal for the shutdown of the corridor is included in our agenda and will be implemented whenever needed.

India will not have much effect, has made arrangements

The impact of Iran’s decision to shut down the hormuz corridor amidst Israel-Iran struggle will not affect India much. India had already realized the possible influences of this struggle and have also made arrangements to avoid it. Taking a big step, India has now imported more oil from Russia and America than the Oil Suppliers of Middle East.

According to the PTI report, if we look at the data of the Global Trade Analyst firm CPLER, India has increased its oil imports from Russia and America only in June. At the same time, India has the highest import of oil from Russia in two years in June.