Rising Prices of Crude Oil & its Impact on Indian Economy

Recently, Brent crude jumped to a 10-month high and breached $93/barrel mark for the first time in 2023.

Reasons for Rise in Brent Crude Prices

Voluntary Oil Output Cuts: The latest uptick came after major oil producers – Saudi Arabia and Russia, two major oil-producing countries, extended their voluntary oil output cuts by a combined 1.3 million barrels per day (bpd) until the end of the year. This move tightened the global oil supply, leading to a surge in international crude prices.

OPEC+ Cuts: In addition to Saudi Arabia and Russia's cuts, the Organization of Petroleum Exporting Countries and its allies ....

Do You Want to Read More?
Subscribe Now
To get access to detailed content

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Economic Issues