The price of a barrel of Bent crude oil in the world market today is less than $ 100 and is reported to be $ 98.It was the lowest level in crude oil prices in two weeks.
Analysts point out that the fall in crude oil prices has been due to several factors, including the outcome of the ceasefire talks between Russia and Ukraine in recent days, and the expectation that China's demand for crude oil will fall further as the expansion of China's Covid-19 case increases. Analysts further point out that action should be taken to pass on the benefits of lower crude oil prices to the people.
Oil purchases between India and Russia in the face of global crisis.
Two Indian officials have told Reuters that India is considering a proposal to buy crude oil and other products at a lower price, despite tougher sanctions imposed on Russia by the West.
India imports 80% of its fuel requirement, of which 2% - 3% is imported from Russia. India says it will consider increasing the amount of fuel it buys from Russia to reduce the cost of fuel imports, as fuel prices have risen by about 40% so far this year.
"Russia has offered huge discounts on oil and other commodities. We are ready to accept it. For that, we have to solve some problems like tanks, insurance cover. Once they are solved we will take action to get those discounts, ”said an Indian government official.
Although some countries are avoiding buying fuel from Russia due to the sanctions imposed, the Indian authorities have emphasized that India will not refrain from meeting its fuel requirements from Russia in the face of such sanctions.
Indian officials said work was underway to set up an Indo-Russian trade mechanism to buy fuel and other commodities.