Crude oil prices fall and its impact in Global Market

According to some reports, Russia is giving big discounts on the direct purchase of oil to India.

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Russia is ready to sell high-grade oil up to $35 a barrel, which could rise to $45 a barrel following the latest jump in global prices.

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Global oil prices have surged since Russia invaded Ukraine on February 24, with Brent crude hitting a record high

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In 2021, India bought 12 million barrels of crude oil from Russia, and India imports 80% of crude oil.

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Till February 2022, India imported about 190 million tonnes of crude oil worth more than $105 billion.

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Currently, WTI is at 104.57 per barrel while Brent crude is at $107.41 per barrel.

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After the Russia and Ukraine crises, crude oil prices reached US$100 a barrel for the first time since 2014.

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The Urals and Sokol are the main crude oil exported from Russia.

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Crude oil had recently reached $ 139 due to the Russia-Ukraine war. However, now the price of crude oil has come down to $100 per barrel.

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