On 15 August, US President Donald Trump and Russian President Vladimir Putin in Alaska.
Even though US President Donald Trump and Russian President Vladimir Putin have been in disrespect for about 3 hours. Also, Putin has invited Trump to come to Moscow for the next meeting. After that, good news has come for about 100 countries of the world, that is a very relief news. After this meeting, there has been a decline of about two percent in crude oil prices. In fact, about 98 countries in the world produce crude oil tax production. The same crude oil is supplied to the remaining 100 countries in the world. Global average inflation is seen due to relief in crude oil prices.
Also, there is less pressure on the countries that import oil. When the market closed after the meeting, the price of American crude oil closed down nearly two percent. At the same time, the crude oil of the Gulf countries also closed with a decline of about one and a half percent. The special thing is that the Gulf and American oil have become more than 9 percent cheaper in the month of August. Let us also tell you how the effect of Trump and Putin meeting has been seen in the prices of crude oil.
Crude oil became cheaper after a trump-daughter meeting
Trump and Putin held a meeting for about 3 hours in Alaska. In which the news of lack of consent on most issues has come out. This means that Putin appeared adamant on his terms and Trump had to return empty -handed. But the most important thing that came out is that the door of the next round of talks on behalf of both the national heads has been kept open. Trump himself said that he would meet Putin soon. Then Putin decided the Venue Moscow of the next meeting. This means that there is a possibility of another meeting between the two countries soon. In such a situation, it seems that the door of peace between Russia Ukraine has not been closed yet. Whose indications were given by crude oil prices themselves. In the international market, there was a decline in crude oil prices. Which are indicated that neither Russia nor America have been closed by the doors of peace.
Nearly two percent break
After the closure of the international market, the prices of American crude oil appeared to be about 2 percent. According to the data, American crude oil, which also says that the WTI says the price fell by 1.80 per cent to $ 62.80 per barrel. According to the data, in the month of August, the prices of American crude oil have been reduced by 9.32 percent i.e. $ 6.46 per barrel. This means that in the month of August, many countries of the world have got a big relief on the crude oil front.
On the other hand, the prices of crude oil of Gulf countries have seen a decline of about one and a half percent. According to the data, on August 15, the price of Brent crude oil fell 1.48 per cent to $ 65.85 per barrel in the international market. In the month of August, the price of Brent crude oil has been reduced by $ 6.68, or by 9.21 percent. According to experts, signs of Brent crude oil prices decreasing are quite good for India. India is also the major oil importer of the Gulf countries.
This meeting was very important for India
This meeting of Trump and Putin was very important for India. There is also a reason for that. If a positive thing about the ceasefire came out in the meeting of both, the Trump’s 25 percent tariff on the Russian oil import would have been strong. But now that there is no consensus on the ceasefire, Trump will not remove 25 percent extra tariff from India. Which will be applicable from August 28. According to experts, Trump and Putin’s meeting was an important step, which opens the way for the next meeting, which has opened. In such a situation, there is nothing to be disappointed for India. On the other hand, talks are going on between the officials of America and India regarding tariffs. It is possible that before August 28, there is a tariff on Russian oil, get rid of it.
India’s increased Russian oil import
On the other hand, according to a report, India’s Russian oil import has appeared to be increasing in the month of August. According to Kepler’s report, India is importing crude oil from Russia every day in the month of August. Which was 1.6 million per barrel in the month of July. According to the report, the purchase of Russian oil by India in August has increased to 20 lakh barrels per day. The reason for this is giving more priority to refiners economic aspects.
According to Global Real-Time Data Provider Capler, 38 per cent out of the estimated 52 lakh barrels imported in the first fortnight of August came from Russia. Import from Russia remained 20 lakh barrels per day, which was 16 lakh barrels per day in July. This increase in Russian imports at the cost of purchasing from Iraq, which declined from 907 barrels per day to 7,30,000 barrels per day in August, and also from Saudi Arabia, which fell from 7,00,000 barrels per day to 5,26,000 barrels per day last month. According to Capler, the US was the 5th largest supplier with 2,64,000 barrels per day.