https://sputniknews.in/20231009/oil-prices-reach-89-amid-israel-hamas-war-4698794.html
Oil Prices Spike to $89 Amid Israel-Hamas War
Oil Prices Spike to $89 Amid Israel-Hamas War
Sputnik India
Delhi is closely following the crisis and will manage its energy demands maturely, according to Oil Minister Hardeep Singh Puri. Although the violence is not... 09.10.2023, Sputnik India
2023-10-09T18:44+0530
2023-10-09T18:44+0530
2023-10-10T13:38+0530
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Regional instability around the Gaza Strip has heightened concerns about oil supplies, with prices increasing by more than $3 per barrel in Asian trade on Monday.Brent crude surged as much as 5.2 percent in early Asian trading before easing back to be up 3.7% at $87.69.Although Israel is not an oil producer, there are worries that the violence could increase regional unrest and lead to stricter implementation of restrictions on oil from Iran, whose Foreign Ministry has supported Hamas' activities.Delhi's Oil Minister Hardeep Singh Puri told press that, "We will navigate our way through this. These kinds of uncertainties only encourage people to sustainable and cleaner fuel."While the Middle East supplies 53% of India's oil imports, Delhi has reduced imports from a number of large oil-producing countries of late.India recorded a reduction of 37% in its imports from Saudi Arabia this July, amounting to $1.4 billion.Equally, imports from the United Arab Emirates also dropped significantly to $468 million, a 74% loss, and a 66% decline over the previous four months.Imports from Kuwait sat at $199 million, a fall of 78% from the figures for April to July.Meanwhile, India's oil imports from Russia have seen a sharp increase, with an uptick of 43% between July 2022 and July 2023 to $3.3 billion, according to the data issued by the Indian Ministry of Commerce.Having said that, India's overall dependence on crude imports increased to 87.8% from April to August, according to data from the Petroleum Planning and Analysis Cell (PPAC), compared to 86.5% during the same period in 2022.
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israel, palestinian, hamas, political unrest, middle east, oil prices, international oil benchmark, brent crude, iran, hardeep singh puri, union oil minister, israel-hamas war, india's oil imports, saudi arabia, united arab emirates, kuwait, us sanctions, petroleum planning and analysis cell (ppac), russia, indian ministry of commerce.
Oil Prices Spike to $89 Amid Israel-Hamas War
18:44 09.10.2023 (Updated: 13:38 10.10.2023) Delhi is closely following the crisis and will manage its energy demands maturely, according to Oil Minister Hardeep Singh Puri. Although the violence is not anticipated to have an immediate impact on oil supplies, the market impact will depend if it expands to other Middle Eastern nations.
Regional instability around the Gaza Strip has heightened concerns about oil supplies, with prices increasing by more than $3 per barrel in Asian trade on Monday.
Brent crude surged as much as 5.2 percent in early Asian trading before easing back to be up 3.7% at $87.69.
Although Israel is not an
oil producer, there are worries that the violence could increase regional unrest and lead to stricter implementation of restrictions on oil from Iran, whose Foreign Ministry has supported Hamas' activities.
Delhi's Oil Minister Hardeep Singh Puri told press that, "We will navigate our way through this. These kinds of uncertainties only encourage people to sustainable and cleaner fuel."
India's oil demand has surged of late, more than doubling since 2012.
While the Middle East supplies 53% of India's oil imports, Delhi has reduced imports from a number of large oil-producing countries of late.
India recorded a reduction of 37% in its imports from Saudi Arabia this July, amounting to $1.4 billion.
Equally, imports from the United Arab Emirates also dropped significantly to $468 million, a 74% loss, and a 66% decline over the previous four months.
Imports from Kuwait sat at $199 million, a fall of 78% from the figures for April to July.
Amid the backdrop of Western sanctions imposed since the 1979 Iranian revolution, Iran used to export over $10 billion of oil annually to India and was one of India's largest oil suppliers up until 2019. However, after the US sanctions waiver expired, India ceased purchasing oil from Iran.
Meanwhile, India's oil imports from
Russia have seen a sharp increase, with an uptick of 43% between July 2022 and July 2023 to $3.3 billion, according to the data issued by the Indian Ministry of Commerce.
The growth was much more notable between April and July 2023, reaching 126.94%, demonstrating Russia's strengthened influence in India's oil market.
Having said that, India's overall dependence on crude imports increased to 87.8% from April to August, according to data from the Petroleum Planning and Analysis Cell (PPAC), compared to 86.5% during the same period in 2022.
