Crude Oil Price: Saudi Arabia has made a big cut in the prices of crude oil for the month of February. India's government oil refinery companies are considering importing large quantities of crude oil from Saudi Arabia. Saudi Arabia has reduced the prices of its export grade crude oil for the month of February to its lowest level in 27 months. Indian oil companies want to take advantage of this opportunity.
According to Reuters report, Indian Oil Corporation and Bharat Petroleum want to buy one million barrels of additional crude oil from Saudi Aramco in the month of February. Saudi Aramco notifies Asian countries regarding monthly crude oil allocation on the 10th of every month. Government oil companies and Saudi Aramco did not respond to emails sent to Reuters regarding this question.
Due to problems in payment for oil purchases from Russia, Indian Oil Corporation is trying to buy more crude oil from Saudi Arabia and West African countries. However, Petroleum Minister Hardeep Puri said that the reduction in crude oil imports from Russia is not due to payment reasons but the prices are no longer attractive.
Saudi Arabia has decided to cut crude oil prices by $2 per barrel in February 2024. Among Asian countries, Saudi Arabia will sell crude oil at a lower price of $ 2 per barrel. After this decision of Saudi Arabia, a decline in crude oil prices was seen on Monday. At present, Brent crude oil is trading at $ 77.13 per barrel. And if government oil companies are successful in importing more crude oil from Saudi Arabia at lower prices, then it is beneficial for the government."Lok Sabha Elections" href="https://www.abplive.com/topic/lok-sabha-election-2024" data-type="interlinkingkeywords">The possibilities of reducing the prices of petrol and diesel will increase before the Lok Sabha elections.
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