The rupee depreciating for the past few days will affect the country's oil imports. Two days earlier, the rupee was down 70.7 compared to the dollar. That is why India will have to pay $ 26 billion more for the oil imports of 2018-19 this year.
In India, the need for fuel is increasing day by day, and 80% of India's imports from imports abroad have to be imported. In the year 2017, the country had spent $ 87.7 billion to import 220.43 metric tonnes of crude oil. Tons of oil will be required. For this allocation, India will have to shell out $ 108 billion (Rs 7.02 lakh crore) this year.
We know that oil is an important source of energy. Although solar and wind power generation is being created today, the location of oil is still intact. If the figures for January 2018 are seen, Saudi Arabia will be number one in oil exports. This country exports 93 million barrels of oil per day. Saudi Arabia leads the US rank.The United States exports 83 million barrels of oil per day. After that Russia exports 74 lakh barrels of oil per day. In the last few years, the US has increased its productivity in the fastest, with the possibility of becoming America's largest oil exporter in 2019.
According to the 2017 statistics of oil production, America seems to be the leader in this. The US produced 14.4 million barrels of oil per day this year. After that, Russia produces 135 million barrels per day and Saudi Arabia produces 99 million barrels of oil per day. Canada has produced 48 million barrels per day, Iraq has 47 lakh barrels per day.Canada has produced 48 million barrels per day, Iraq has 47 lakh barrels per day.
Iran used to produce 38 lakh barrels per day, China 37 lakh barrels per day, United Arab Emirates 29 lakhs, Brazil 28 lakhs, Kuwait 27, Venezuela 19.7 million, and Norway 19 million barrels per day in 2017.
Excessive production of oil or oil only means that the country's economy does not depend on oil. For example, in the US, oil is always in the top two positions and exports, the United States economy is not dependent on oil. If the highest revenue in the economy comes from oil and GDP is the heaviest on oil, then it is called oil-based economy. America is not currently in this position.
According to World Bank's 2012 data, the next country's economy seems to be based on oil.
Kuwait,Libya,Saudi Arabia,Iraq,Angola,Oman,
Azar Bazhan,Venezuela,Chad,Brunei,Kazakhstan,
Iran,United Arab Emirates,Bharin & Ecuador.
According to last week scenario.
Petrol and diesel prices have risen for the fourth day as the central government try to reduce fuel prices. Petrol price was risen by 12 paise and the rate of petrol was reached two months high.
Petrol in Mumbai was soared by 12 paise to Rs 84.41 per liter. Diesel rates have increased by 13 paise and consumers mend to pay Rs 72.66 per liter for diesel. During the last two months, petrol (August 6) rates are the highest in the last two months.
International oil prices have increased. This resulted in petrol and diesel prices. Petrol and diesel prices in Delhi are priced at Rs 76.97 and Rs 68.44 respectively. Petrol is being sold at a rate of Rs. Earlier, on 9th June, the price of petrol was high. In Kolkata, petrol and diesel rates are Rs 79.89 and Rs 71.22 per liter respectively. Chennai is priced at Rs 79.96 per liter and diesel at Rs 72.29.
Reserve Bank Predict.
Due to good monsoon and pressure in mining oil, there is signs of inflation coming down. This is likely to keep the Reserve Bank stable without further increase in the repo rate announced next week. It will be a relief to the borrower.
Fuel prices have started to increase since March due to the rise in mineral oil. Therefore, the Reserve Bank did not reduce interest rates despite the demand for industry in the April-two bilateral monetary review meeting.After that, the rate of fuel went up to May for the first time in four months in June, the repo rate for the first time. Now the meeting of the bank's review committee is scheduled for July 31. Again, interest rates would again be an indicator of growth. But in 10 days, there is a possibility of general relief for the people due to the happenings.Due to rising fuel prices, inflation was estimated to be at 5%, there was a discussion in the previous meeting to increase the repo rate by half percent. But in the last ten days, the rate of mineral oil has dropped by around 5 dollars (about 2 rupees per liter) in barrel. Mineral oils are signs of becoming more affordable. during the coming period.Monsoon is also satisfactory It is unlikely that the prices of rice will be stable this year. Therefore, the announcement on August 2 will not increase the repo rate (loans given to banks) in the Reserve Bank of India.!