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India's import of crude oil in February from Russia was higher than India’s combined imports from both Saudi Arabia and Iraq

For the 5th month, Russia remains largest crude supplier for India 

India’s appetite for Russian crude oil top for fifth straight month

India's import of crude oil in February from Russia was higher than India&rsquo;s combined imports from both Saudi Arabia and Iraq

For the fifth straight month, Russia has become India&rsquo;s largest source of crude oil.&nbsp;
A money control report says that Russia now forms a 35% share in India's import basket as of February 2023 as against just a 1% shares until a year ago. As per experts, this trend is likely to continue.&nbsp;
Energy tracker Vortexa, Russia provided 1.26 million barrels per day (bpd) of crude to India in January, and 1.62 million bpd last month.&nbsp;
Since the beginning of 2023 &mdash; in both January and February &mdash; Russia supplied the most oil to India, surpassing traditional exporters, including Saudi Arabia and Iraq.
India, the world&rsquo;s third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.

State-controlled Saudi Aramco reduced prices for all types of crude that will be shipped to Asia in February

Why crude oil prices are falling? 

Demand concerns lead to volatile crude oil prices 

State-controlled Saudi Aramco reduced prices for all types of crude that will be shipped to Asia in February

Amid fears of a global recession, crude oil prices have been volatile. After a steep fall of over 9 percent this week, oil prices rose by $1 on Friday. Prices edged up for a second session on the back of China's reopening.
China, the world's largest crude oil importer, made an abrupt turn in its stringent zero-COVID policy in early December following rare public protests, leading to a surge in infections across the country.&nbsp; However, multiple factors including the covid cases surge in China and global recession concerns are triggering demand concerns, leading to fluctuations in oil prices.&nbsp;
Meanwhile, data showed lower U.S. fuel inventories following a winter storm that hit at the end of the year. The world&rsquo;s top crude exporter Saudi Arabia lowered prices for the flagship Arab light crude it sells to Asia to its lowest since November 2021 amid global pressures hitting oil.
India imports 80% of its crude oil needs. As a result, a decline in prices benefits the economy, since it means less foreign currency is needed to purchase crude oil.&nbsp;

Even though many Western companies are unwinding their investments, closing stores and pausing sales in Russia, the global rise in fossil fuel prices continued to fill the Kremlin’s coffers, with export revenues reaching record highs. 
Russia has earned $98bn from fossil fuel exports during the first 100 days of its war in Ukraine, with the European Union being the top importer, according to new research. 
According to CREA’s report, the EU took 61 percent of Russia’s fossil fuel exports during the war’s first 100 days, worth about $60bn. 
Overall, the top importers were China at $13.2bn, Germany at $12.7bn, Italy at $8.2bn, the Netherlands at $8.4bn, Turkey at $7bn, Poland at $4.6bn, France at 4.5bn and India at $3.6bn. 
India’s share in Russian crude oil exports has increased from 1% before the war to 18% in May, shows the report. 

Russia made $98bn in fuel exports in 100 days of Ukraine war

India now buys 18% of all Russian crude export, up from 1%

Russia supplied 40 percent of the EU&rsquo;s gas and 27 percent of its imported oil

Even though&nbsp;many Western companies are unwinding their investments, closing stores and pausing sales in Russia,&nbsp;the global rise in fossil fuel prices continued to fill the Kremlin&rsquo;s coffers, with export revenues reaching record highs.&nbsp;
Russia has earned $98bn from fossil fuel exports during the first 100 days of its&nbsp;war in Ukraine, with the European Union being the top importer, according to new research.&nbsp;
Also read/watch| <a title="22,000 truck drivers on strike; South Korea industry comes to standstill" href="https://www.editorji.com/business-news/22-000-truck-drivers-on-strike-south-korea-industry-comes-to-standstill-1655187500689">22,000 truck drivers on strike; South Korea industry comes to standstill</a>
According to CREA&rsquo;s report, the EU took 61 percent of Russia&rsquo;s fossil fuel exports during the war&rsquo;s first 100 days, worth about $60bn.&nbsp;
Overall, the top importers were China at $13.2bn, Germany at $12.7bn, Italy at $8.2bn, the Netherlands at $8.4bn, Turkey at $7bn, Poland at $4.6bn, France at 4.5bn and India at $3.6bn.&nbsp;
India&rsquo;s share in Russian crude oil exports has increased from 1% before the war to 18% in May, shows the report.&nbsp;

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march. Petrol, diesel prices may go up by at least Rs 9/lt as per calculations done by brokerage JPMorgan. Fuel prices have remained unchanged since November in the country meanwhile crude prices have gone up by over $20 in the same period. Fuel prices across the globe are already surging, cost of a litre of petrol at UK is now at record high, prices in the US have almost doubled in just a year with majority of the increase coming in the last 2 weeks. 

Expect daily petrol, diesel price hikes come March 7, this is how much fuel prices could surge

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march. 

This is how much petrol, diesel prices could go up by

Crude prices have surged to the highest level since 2013

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march.&nbsp;
Also watch|&nbsp;<a title="Trouble before take off, Why did Ilker Ayci turn down Air India?" href="https://www.editorji.com/business-news/trouble-before-take-off-why-did-ilker-ayci-turn-down-air-india-1646213928343">Trouble before take off, Why did Ilker Ayci turn down Air India?</a> Petrol, diesel prices may go up by at least Rs 9/lt as per calculations done by brokerage JPMorgan. Fuel prices have remained unchanged since November in the country meanwhile crude prices have gone up by over $20 in the same period.&nbsp; Fuel prices across the globe are already surging, cost of a litre of&nbsp;petrol&nbsp;at UK is now at record high, prices in the US have almost doubled in just a year with majority of the increase coming in the last 2 weeks.&nbsp;

Global crude oil prices took a knock as concerns emerged around the short-term demand outlook.
The benchmark Brent crude prices dropped 4% to a six-week low of $67.85/bbl. This month, the benchmark crude prices are down almost 13% due to the fresh Covid-induced curbs imposed by China, which is the world's largest oil importer.
Rising cases of Delta variant of the coronavirus&nbsp;have led China to impose travel restrictions which have dampened the demand growth outlook.
A strengthening US Dollar is putting pressure on Brent crude prices.
United Nations panel&rsquo;s dire warning on climate change also added to the gloomy sentiment.&nbsp;
Also watch:&nbsp;UN climate change report is 'code red for humanity'

Crackdown on crude: Brent futures down 4%, what's China's role?

Crude prices down to the lowest in 6 weeks due to China's fresh curbs and rising USD

Crude prices down to the lowest in 6 weeks due to China's fresh curbs and rising USD

Global crude oil prices took a knock as concerns emerged around the short-term demand outlook.
The benchmark Brent crude prices dropped 4% to a six-week low of $67.85/bbl. This month, the benchmark crude prices are down almost 13% due to the fresh Covid-induced curbs imposed by China, which is the world's largest oil importer.
Rising cases of Delta variant of the coronavirus&nbsp;have led China to impose travel restrictions which have dampened the demand growth outlook.
A strengthening US Dollar is putting pressure on Brent crude prices.
United Nations panel&rsquo;s dire warning on climate change also added to the gloomy sentiment.&nbsp;
Also watch:&nbsp;<a href="https://www.edtr.ai/a3ct" target="_blank">UN climate change report is 'code red for humanity'</a>

Petrol prices have breached the century-mark across many regions&nbsp;as the oil marketing companies (OMCs) raised the price of petrol and diesel between 25-30 paise per litre across the four metros.
Petrol prices are already at or above the ₹100-mark in cities across&nbsp;Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.&nbsp;Mumbai&nbsp;was the first city where petrol prices crossed the ₹100-mark at the end of May and are now retailing at ₹103.63/lt.
Since May 1 petrol prices are up by ₹7.11 per litre in Delhi. Similarly, diesel price has increased by ₹7.50 per litre in the&nbsp;national&nbsp;capital in the same period.
&nbsp;
&nbsp;

Petrol price surges to ₹100/litre across the country; Prices hiked again

Get ready to pay above the 100 per litre mark for petrol as fuel prices continue to soar.&nbsp;

Petrol prices breached ₹100-mark across many regions&nbsp;
Petrol, Diesel prices raised between 25-30 paise per litre

Petrol prices have breached the century-mark across many regions&nbsp;as the oil marketing companies (OMCs) raised the price of petrol and diesel between 25-30 paise per litre across the four metros.
Petrol prices are already at or above the ₹100-mark in cities across&nbsp;Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.&nbsp;Mumbai&nbsp;was the first city where petrol prices crossed the ₹100-mark at the end of May and are now retailing at ₹103.63/lt.
Since May 1 petrol prices are up by ₹7.11 per litre in Delhi. Similarly, diesel price has increased by ₹7.50 per litre in the&nbsp;national&nbsp;capital in the same period.
&nbsp;
&nbsp;

The 23-nation coalition of oil producing nations have decided to increase supply cautiously from May.&nbsp;
OPEC+ led by Saudi Arabia and Russia stated they have decided to gradually add back some 2 million barrels per barrel per day of oil production from May to July.Starting in May an additional 350,000 barrels per day followed by the same&nbsp;amount in June. Come July output will be increased by 450,000 barrels per day.This is still significantly lower than the 7 milion&nbsp;barrels the group cut to maintain crude prices.

OPEC and allies decides to boost crude supply from May

The 23-nation coalition of oil producing nations have decided to increase supply cautiously from May. OPEC+ to add back 2 million barrels vs the &amp; million they had cut during the pandemic.&nbsp;&nbsp;
(USe crude/OPEC&nbsp;logo please)

<ul>
<li>OPEC alliance decide to gradually restore back supply</li>
<li>OPEC&nbsp;+ to add 350,000 barrels per day in May &amp; July</li>
<li>Total addition of 2 million barrel per day from May to July</li>
<li>Addition of 2 billion vs total cut of 7 billion barrels during 2020&nbsp;</li>
</ul>

The 23-nation coalition of oil producing nations have decided to increase supply cautiously from May.&nbsp;
OPEC+ led by Saudi Arabia and Russia stated they have decided to gradually add back some 2 million barrels per barrel per day of oil production from May to July. Starting in May an additional 350,000 barrels per day followed by the same&nbsp;amount in June. Come July output will be increased by 450,000 barrels per day. This is still significantly lower than the 7 milion&nbsp;barrels the group cut to maintain crude prices.

One of the world&rsquo;s busiest waterways remains at a standstill for a fourth straight day&nbsp;. Crude oil prices surged higher as supply worries mount.&nbsp;With 10% of global oil supply being through put through the canal, the longer the blockage the longer the clearing will take escalating supply concerns to Asia.&nbsp;The Suez Canal handles around 12% of global trade, making it an essential point of passage. Each day of blockage disrupts more than&nbsp;$9 billion worth of goods, according to Lloyd&rsquo;s List, which translates to about&nbsp;$400 million per hour.
So what is blocking this waterway? Well the ship which is creating the log jam at the Suez Canal is&nbsp;more than 1,300 feet, which is almost as long as the Empire State Building is tall.

Suez Canal blockage continues for fourth day, crude oil prices on the rise 

As the 1300 foot ship continues to block the world's busiest waterway, crude prices surge as the Suez Canal remains jammed for 4th straight day.&nbsp;

<ul>
<li>Crude prices rise as Suez Canal stays blocked for 4th day&nbsp;</li>
<li>10% of global crude/energy material transported through the canal</li>
<li>Economic impact = $400 million/hour = $9 billion a day&nbsp;</li>
</ul>

One of the world&rsquo;s busiest waterways remains at a standstill for a fourth straight day&nbsp;. Crude oil prices surged higher as supply worries mount.&nbsp; With 10% of global oil supply being through put through the canal, the longer the blockage the longer the clearing will take escalating supply concerns to Asia.&nbsp; The Suez Canal handles around 12% of global trade, making it an essential point of passage. Each day of blockage disrupts more than&nbsp;$9 billion worth of goods, according to Lloyd&rsquo;s List, which translates to about&nbsp;$400 million per hour.
So what is blocking this waterway? Well the ship which is creating the log jam at the Suez Canal is&nbsp;more than 1,300 feet, which is almost as long as the Empire State Building is tall.

As 238 vessels remain queued up at the world's busiest trade route, analysts estimate the Suez Canal blockage is delaying business worth $400 million an hour or $9.6 billion a day.&nbsp;According to the World Shipping Council, the Suez canal&rsquo;s daily vessel throughput capacity is 106. If the canal is closed for two days, it will then take two additional days after re-opening to clear the backlog.&nbsp; The longer the delay, the longer it will take to move out the vessels.The Suez Canal is one of the busiest trade routes in the world, with approximately 12% of total global trade moving through it. Energy exports like liquified natural gas, Crude oil, and refined oil make up 10% of global shipments.

Suez Canal Traffic Jam effecting biz worth $400 million per hour, $9.6 billion a day

The traffic jam at the world's busiest route, Suez Canal is halting $9.6 billion of global business a day.

<ul>
<li>Blockage at the Suez Canal delaying biz worth $9.6 billion/day</li>
<li>Currently 238 vessels remain blocked at the Suez Canal</li>
<li>For every day 2 days shut it would take 2 days to clear backlog&nbsp;</li>
<li>12% of global trade moves through the Suez Canal</li>
</ul>

As 238 vessels remain queued up at the world's busiest trade route, analysts estimate the Suez Canal blockage is delaying business worth $400 million an hour or $9.6 billion a day.&nbsp; According to the World Shipping Council, the Suez canal&rsquo;s daily vessel throughput capacity is 106. If the canal is closed for two days, it will then take two additional days after re-opening to clear the backlog.&nbsp; The longer the delay, the longer it will take to move out the vessels. The Suez Canal is one of the busiest trade routes in the world, with approximately 12% of total global trade moving through it. Energy exports like liquified natural gas, Crude oil, and refined oil make up 10% of global shipments.

As more than 100 ships remained blocked at the Suez Canal, halting all traffic in one of the world&rsquo;s busiest shipping arteries. Traders are betting on&nbsp;crude prices to head higher as the&nbsp;blockage in the Suez Canal will lead to supply disruption for oil headed towards Asia.&nbsp;
Over 10% of global oil passes&nbsp;through the canal&nbsp;and it has become an important route for Russian oil to reach Asia.
Even though many traders agree&nbsp;that&nbsp;the issue is not going to be long lasting but could lead to a backlog of 50 vessels per day.&nbsp;

Crude prices surge as Suez Canal blockage raises supply concerns for Asia

As the 120-mile man-made waterway of Suez Canal remains blocked, crude prices surge as supply worries rise for Asia.

<ul>
<li>Suez Canal gridlock raises oil prices</li>
<li>10% of global oil supply passes through the Suez Canal</li>
<li>Traders anticipate a backlog of 50 vessels per day</li>
</ul>

More than 100 ships remained blocked at the Suez Canal, halting all traffic in one of the world&rsquo;s busiest shipping arteries. Traders are betting on&nbsp;crude prices to head higher as the&nbsp;blockage will lead to supply disruption for oil headed towards Asia.&nbsp;
Over 10% of global oil passes&nbsp;through the canal&nbsp;and it has become an important route for Russian oil to reach Asia.
Even though many traders agree&nbsp;that&nbsp;the issue is not going to be long lasting but could lead to a backlog of 50 vessels per day.&nbsp;

With international crude prices down over 12% since March 5, the hope of a petrol price cut are rising. Fuel prices have remained largely unchanged over the last three weeks across the country.&nbsp;Analysts are expecting to see a drop of Rs 2/litre in the coming day but the mathematics may be different for the oil marketing companies.&nbsp;
Reports indicate oil companies have been losing Rs 4 on a litre of petrol and Rs 2 on diesel due to the freeze on price revision since February 28.

Petrol, diesel prices cut, first in over a year. More cuts likely

Fuel prices cut for the first time in over a year, traders expect further cuts as crude prices fall over 12% from recent highs.&nbsp;

<ul>
<li>Petrol, diesel prices cut for the first time in over a year&nbsp;</li>
<li>Petrol prices cut by 18 paise</li>
<li>Fuel prices cut, first change in 24 days</li>
<li>Crude prices down 12% from March 5</li>
<li>Traders expect Rs 2/lt cut in petrol prices</li>
</ul>

In a big move Petrol, diesel prices have been cut by 18 paise. This is the first cut in fuel prices in over a year and after prices have been constant for over 24 days.&nbsp; With international crude prices down over 12% since March 5, the bets are rising that further cuts will come&nbsp;
Reports indicate oil companies have been losing Rs 4 on a litre of petrol and Rs 2 on diesel due to the freeze on price revision since February 28. Analysts estimate prices could come down by Rs 2/lt in total.&nbsp;

Global crude prices slid by over 5% in overnight as trade as more countries in Europe moved towards lockdown&nbsp;making the demand outlook bleak.&nbsp;Oil prices are now down over 12% from the recent high set on March 5. The Brent basket which India tracks is hovering around th $62/bbl mark.&nbsp;Both WTI and Brent crude logged their lowest front-month contract settlements since February.

Crude slide continues, down over 12% from recent highs

Second wave worries is hitting crude demand outlook, the black gold slides into correction territory falling 6% in overnight trade.&nbsp;

Global crude prices slid by over 5% in overnight trade as more countries in Europe moved towards alockdown&nbsp;making the demand outlook bleak.&nbsp; Oil prices are now down over 12% from the recent high set on March 5. The Brent basket which India tracks is hovering around th $62/bbl mark.&nbsp; Both WTI and Brent crude logged their lowest front-month contract settlements since February.

The world's largest oil company Saudi Aramco has announced a record $75 billion dividend for 2020 despite it's earnings falling 44% in the same period.&nbsp;
Aramco&rsquo;s 44.4 percent drop in 2020 profit compares with a 30.7 percent decline in oil revenues last year for the Saudi government. The dividend payout is a key source of revenue for the Saudi Kingdom that owns 98% of the oil giant.
With free cash flow slumping&nbsp;almost 40% to $49 billion there is a concern the company will take on additional debt to fund the dividend payout.&nbsp;
Saudi Aramco&nbsp;still remains the world's most profitable company.&nbsp;

Saudi Aramco doles out $75 billion dividend even as profit nearly halves

Record divident&nbsp;payout of $75 billion for Saudi Aramco&nbsp;even as profit slumps 44% as it remains the key source of revenues of the Saudi Kingdom.

The world's largest oil company Saudi Aramco has announced a record $75 billion dividend for 2020 despite it's earnings falling 44% in the same period.&nbsp;
Aramco&rsquo;s 44.4 percent drop in 2020 profit compares with a 30.7 percent decline in oil revenues last year for the Saudi government. The dividend payout is a key source of revenue for the Saudi Kingdom that owns 98% of the oil giant/&nbsp;
With free cash flow slumping&nbsp;almost 40% to $49 billion there is a concern the company will take on additional debt to fund the dividend payout.&nbsp;
Saudi Aramco&nbsp;still remains the world's most profitable company.&nbsp;

The world's largest oil company Saudi Aramco has announced a record $75 billion dividend for 2020 despite it's earnings falling 44% in the same period.&nbsp;
Aramco&rsquo;s 44.4 percent drop in 2020 profit compares with a 30.7 percent decline in oil revenues last year for the Saudi government. The dividend payout is a key source of revenue for the Saudi Kingdom that owns 98% of the oil giant.
With free cash flow slumping&nbsp;almost 40% to $49 billion there is a concern the company will take on additional debt to fund the dividend payout.&nbsp;
Saudi Aramco&nbsp;still remains the world's most profitable company.&nbsp;

Crude prices tumbled to a two week low as the commodity saw selling pressure for the fifth straight session.As per Reuters&nbsp;data this would make it the&nbsp;longest losing streak for WTI since February 2020 and for Brent since September 2020.
Experts cite slow down in vaccine roll out in Europe which would hurt demand for oil and also the strengthening dollar which is working against the commodity.&nbsp;The Bloomberg Dollar Spot Index saw the biggest advance in more than a week

Crude Oil prices sink to two week low, see longest losing streak in a year

Crude prices sink to a two week low, drop below $60 mark for the WTI. Oil prices down for fifth session as recovery concerns rise.&nbsp; &nbsp;

Crude prices tumbled to a two week low as the commodity saw selling pressure for the fifth straight session.As per Reuters&nbsp;data this would make it the&nbsp;longest losing streak for WTI since February 2020 and for Brent since September 2020.
Experts cite slow down in vaccine roll out in Europe which would hurt demand for oil and also the strengthening dollar which is working against the commodity.&nbsp;The Bloomberg Dollar Spot Index saw the biggest advance in more than a week

After the Consumer Price Inflation clocked in at a 3-month high the Wholesale Price Inflation is adding to the price rise concerns surging to&nbsp;4.17% in February .&nbsp;
Inflation (WPI) on the rise-:

February: 4.17%
January: 2.03%
December:&nbsp;1.95% (Revised Higher)

Food Inflation has seen a sharp rise to 3.31% in February vs&nbsp;-0.26% in January. Pulses and onion prices have seen steep increase in prices.&nbsp;Fuel and power index added to the pressure as expected with rising crude prices coming in higher.&nbsp;

Inflation surges, WPI clocks in at over a 2 year high

After the Consumer Price Inflation clocked in at a 3-month high the Wholesale Price Inflation is adding to the price rise concerns surging to&nbsp;4.17% in February .&nbsp;
Inflation (WPI) on the rise-:
<ul>
<li>February: 4.17%</li>
<li>January: 2.03%</li>
<li>December:&nbsp;1.95% (Revised Higher)</li>
</ul>
Food Inflation has seen a sharp rise to 3.31% in February vs&nbsp;-0.26% in January. Pulses and onion prices have seen steep increase in prices.&nbsp; Fuel and power index added to the pressure as expected with rising crude prices coming in higher.&nbsp;

Price rise worries, Wholesale Price Inflation at over 2 year high

After the Consumer Price Inflation clocked in at a 3-month high the Wholesale Price Inflation is adding to the price rise concerns surging to&nbsp;4.17% in February .&nbsp;
Inflation (WPI) on the rise-:
February: 4.17% January: 2.03% December:&nbsp;1.95% (Revised Higher) Food Inflation has seen a sharp rise to 3.31% in February vs&nbsp;-0.26% in January. Pulses and onion prices have seen steep increase in prices.&nbsp;
Fuel and power index added to the pressure as expected with rising crude prices coming in higher.&nbsp;
&nbsp;

After the Consumer Price Inflation clocked in at a 3-month high the Wholesale Price Inflation is adding to the price rise concerns surging to&nbsp;4.17% in February making it a 27 month high for the Index.&nbsp;
Inflation (WPI) on the rise-:
<ul>
<li>February: 4.17%</li>
<li>January: 2.03%</li>
<li>December:&nbsp;1.95% (Revised Higher)</li>
</ul>
Food Inflation has seen a sharp rise to 3.31% in February vs&nbsp;-0.26% in January. Pulses and onion prices have seen steep increase in prices.&nbsp; Fuel and power index added to the pressure as expected with rising crude prices coming in higher.&nbsp;

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC&nbsp;decided to hold back on increasing supplies.&nbsp;
Markets were anticipating an increase in oil supplies but OPEC&nbsp;de-facto&nbsp;chief Saudi Arabia is going to extend its one million barrels per day voluntary production cut into April.This spells bad news for India as petrol prices continue to hit record high across the nation.&nbsp;

Worries for petrol prices as global crude oil prices soar on OPEC news

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC&nbsp;decided to hold back on increasing supplies.&nbsp;
Markets were anticipating an increase in oil supplies but OPEC&nbsp;de-facto&nbsp;chief Saudi Arabia is going to extend its one million barrels per day voluntary production cut into April. This spells bad news for India as petrol prices continue to hit record high across the nation.&nbsp;

OPEC holds back supply, crude oil prices spike 

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC&nbsp;decided to hold back on increasing supplies.&nbsp;
Markets were anticipating an increase in oil supplies but OPEC&nbsp;de-facto&nbsp;chief Saudi Arabia is going to extend its one million barrels per day voluntary production cut into April.
This spells bad news for India as petrol prices continue to hit record high across the nation.&nbsp;

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC&nbsp;decided to hold back on increasing supplies.&nbsp;
Markets were anticipating an increase in oil supplies but OPEC&nbsp;de-facto&nbsp;chief Saudi Arabia is going to extend its one million barrels per day voluntary production cut into April. This spells bad news for India as petrol prices continue to hit record high across the nation.&nbsp;

&nbsp;As crude prices remain steady around $60/bbl&nbsp;all eyes on OPEC+ meet as the world&rsquo;s largest oil producers set to decide if supply of oil should&nbsp;be increased. OPEC along with Russia.&nbsp;The Organization of the Petroleum Exporting Countries and its allies led by Russia, ,&nbsp;could discuss allowing as much as 1.5 million barrels per day back onto the global market.&nbsp;&nbsp;
OPEC+ continues to hold around 7 million bpd off the markets even as demand has to started pick up across the globe.&nbsp; Prices also gone up multi-fold from the pandemic lows&nbsp;of sub $20/bbl&nbsp;mark.&nbsp;&nbsp;
This comes at a time when India is already facing record high prices at petrol&nbsp;pumps .&nbsp;Indian Oil Minister has urged the 23 national coalition to keep policy and output stable.&nbsp;India imports 80% of&nbsp;it&rsquo;s&nbsp;crude demand.&nbsp;&nbsp;

OPEC to decide on oil supplies, crude prices hover around $60

&nbsp;As crude prices remain steady around $60/bbl&nbsp;all eyes on OPEC+ meet as the world&rsquo;s largest oil producers set to decide if supply of oil should&nbsp;be increased. OPEC along with Russia.&nbsp;The Organization of the Petroleum Exporting Countries and its allies led by Russia, ,&nbsp;could discuss allowing as much as 1.5 million barrels per day back onto the global market.&nbsp;&nbsp;
 OPEC+ continues to hold around 7 million bpd off the markets even as demand has to started pick up across the globe.&nbsp; Prices also gone up multi-fold from the pandemic lows&nbsp;of sub $20/bbl&nbsp;mark.&nbsp;&nbsp;
 This comes at a time when India is already facing record high prices at petrol&nbsp;pumps .&nbsp;Indian Oil Minister has urged the 23 national coalition to keep policy and output stable.&nbsp;India imports 80% of&nbsp;it&rsquo;s&nbsp;crude demand.&nbsp;&nbsp;

&nbsp;As crude prices remain steady around $60/bbl&nbsp;all eyes on OPEC+ meet as the world&rsquo;s largest oil producers set to decide if supply of oil should&nbsp;be increased. OPEC along with Russia.&nbsp;The Organization of the Petroleum Exporting Countries and its allies led by Russia, ,&nbsp;could discuss allowing as much as 1.5 million barrels per day back onto the global market.&nbsp;&nbsp;
 OPEC+ continues to hold around 7 million bpd off the markets even as demand has to started pick up across the globe.&nbsp; Prices also gone up multi-fold from the pandemic lows&nbsp;of sub $20/bbl&nbsp;mark.&nbsp;&nbsp;
 This comes at a time when India is already facing record high prices at petrol&nbsp;pumps .&nbsp;Indian Oil Minister has urged the 23 national coalition to keep policy and output stable.&nbsp;India imports 80% of&nbsp;it&rsquo;s&nbsp;crude demand.&nbsp;&nbsp;

Banksy's version of Monet's Water Lilies to be auctioned

Anonymous street artist Banksy's&nbsp;re-imagined piece of Monet's Water Lillies is all set to be auctioned at Sotheby's in London on the 21st of October.

Banksy's version of Monet's Water Lillies to be auctioned off

Anonymous street artist Banksy's version of Monet's Water Lillies is all set to be auctioned at Sotheby's in London on the 21st of October.
The 2005 creation, called 'Show me the Monet' is expected to fetch anywhere between $3-5 million. In Banksy's reimagined piece, the classic water lillies picture is filled with images of abandoned shopping trolleys and a traffic cone.
'Show me the Monet' is from a series of works called Crude Oils, which in Banksy's words includes remixes of canonical artworks.

crude oils

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