Crude oil price increase and it's impacts
Crude oil price increase and its effects
Russia has averaged a staggering producing of 10 million barrels of oil a day.The country holds the largest fuel resources of 12 to 13%
share in global oil exports.India is the third biggest oil consuming and importing country all over the world.The biggest supplier is the Iraq supplies 24% of oil for India.Earlier in the top 10 oil supplier list US will be in the part but in 2022 Russia comes in to the place that supplies 10% of oil supply.
Peak oil usage was supposed to have occurred in the 1970's, today production and use is high as ever.We wanted to know how much oil left?
Well unlike more modern forms of energy, crude oil is a non-renewable form meaning that once we use it all up,its gone.As 2014, the
organization of petroleum exporting countries reports that roughly 1.5 trillion barrels of proven reserves are still available.Today the world consumes 34 billion barrels a year.Some says soon end up relying on oil extraction, some says transforming to other energies like wind and solar but its too late.The most recent estimates by British Petroleum says that we have a little over 50 years before running out.Still, almost every figure including the amount of oil reserves,consumption rate, and number of years left has been widely disputed, and past estimates have been repeatedly revised.
It seems like nobody really knows.
Crude oil is one of the most important trade product all over the world.This price increase will increase not only the monthly budget but also is there any problem arises between the countries as well.Not the price increase even the price fall is not a good condition across all over the countries.Recently the crude oil price touches upto $180, for this one of the reason is Russia-Ukraine crisis.After the start of this crisis the oil price get increased day by day.After America and Saudi Arabia the largest crude oil producer is Russia so if the prices are getting increased day by day it will get affect the Indian market as well.
Russia has averaged a staggering producing of 10 million barrels of oil a day.The country holds the largest fuel resources of 12 to 13%
share in global oil exports.India is the third biggest oil consuming and importing country all over the world.The biggest supplier is the Iraq supplies 24% of oil for India.Earlier in the top 10 oil supplier list US will be in the part but in 2022 Russia comes in to the place that supplies 10% of oil supply.
Now Russia is standing at the 4th place in the top 10 oil suppliers to India.Any rise in consumption in India, the third-biggest crude oil buyer that relies on the global market for about 85% of its requirment,would raise the country import bill.Accounts for nearly 20% of India's import bill.If the crude oil price increase the input cost for manufacturing goods also increased.This will causes the inflation.
Peak oil usage was supposed to have occurred in the 1970's, today production and use is high as ever.We wanted to know how much oil left?
Well unlike more modern forms of energy, crude oil is a non-renewable form meaning that once we use it all up,its gone.As 2014, the
organization of petroleum exporting countries reports that roughly 1.5 trillion barrels of proven reserves are still available.Today the world consumes 34 billion barrels a year.Some says soon end up relying on oil extraction, some says transforming to other energies like wind and solar but its too late.The most recent estimates by British Petroleum says that we have a little over 50 years before running out.Still, almost every figure including the amount of oil reserves,consumption rate, and number of years left has been widely disputed, and past estimates have been repeatedly revised.
It seems like nobody really knows.
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