The chart & table below show crude oil price in India and global crude oil prices of major blends and commodity prices with interactive analytical features.
Crude Oil Price today in India
Crude Oil Price in India
India is one of the largest importers of crude oil in the world. According to the International Energy Agency (IEA), India’s crude oil imports are expected to reach 10 million barrels per day (bpd) by 2040. The oil price in India is mainly influenced by global factors such as supply and demand, geopolitical tensions, and the policies of major oil-producing countries.
Supply and Demand
The global demand for crude oil is one of the major factors that determine the price of crude oil in India. When the demand for crude oil is high, the price tends to go up, and when the demand is low, the price tends to go down. In recent years, the demand for crude oil has been increasing steadily in India due to the country’s rapidly growing economy and rising population.
Geopolitical Tensions
Geopolitical tensions, such as conflicts and political instability in major oil-producing countries, can also have a significant impact on the crude oil price in India. For example, when tensions in the Middle East increase, the price of crude oil tends to go up due to concerns about the disruption of oil supplies.
Policies of Major Oil-Producing Countries
The policies of major oil-producing countries such as the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries also play a crucial role in determining the oil price in India. These countries can control the supply of crude oil by adjusting their production levels, which can influence the price of crude oil in the global market.
Impact of Crude Oil Price on India
The crude oil price has a significant impact on the Indian economy as the country heavily relies on imported crude oil to meet its energy needs. The increase in the price of crude oil can lead to a rise in the prices of various commodities such as gasoline, diesel, and other petroleum-based products, which can lead to inflation.
Moreover, the increase in the price of crude oil can also impact India’s trade deficit as the country’s imports of crude oil account for a significant portion of its total imports. The increase in the price of crude oil can lead to a rise in the country’s import bill, which can have a negative impact on the economy.
Commodity Prices in International Market
oil price india