Economy · India
India's Crude Oil Price Surges Amid Global Supply Concerns
India's crude oil import price has reached a five-month high, reportedly hitting $131 per barrel, the highest since March. This surge is attributed to a combination of factors including sanctions on Russia and disruptions to Saudi Arabian oil supplies. Physical oil cargoes have been trading above $130 a barrel, nearing previous record highs due to Saudi disruptions. In response to regional instability, India has condemned a drone attack near Makkah in Saudi Arabia. Global oil prices have seen fluctuations, with some reports indicating a fall due to rising US crude inventories and Saudi Arabia reportedly offering more crude via the Strait of Hormuz.
How outlets across the spectrum covered it
L 0 C 7 R 1
- Centre (7): Deccan Chronicle, Greater Kashmir, Mathrubhumi English, The Economic Times, The Financial Express, The Hindu BusinessLine, The Statesman
- Right (1): Times Now
- International (20): ABC Australia, Al Jazeera English, Australian Financial Review, Business Insider, CBS News, CNBC, CNN, Channel News Asia, Euronews, Financial Times, France 24, Le Monde, NBC News, NPR, Reuters, The Economist, The Japan Times, The Jerusalem Post, The New York Times, The Wall Street Journal