Tuesday, September 17, 2019

Petroleum Prices In India Might Increase Drastically - Click Here to Read More

Whole world is now facing a huge threat of suddden price hike of Oil. This situation worsens in the case of India , which is currently going through recession.This situation has arrived due to the attack on Saudi Aramco. To find out what has happened, Read this blog.

Saudi Aramco, the Saudi Arabian Oil company, was attacked with drone on 16th september. Two major oilfields namely Abqaiq Oilfield and Khurais oilfield situated near the capital Riyadh were attacked and started to burn .

To Read more about Saudi Aramco click here - https://en.wikipedia.org/wiki/Saudi_Aramco

Houthi Rebels and Saudi Arabia

Houthi Rebels, a Yemen based group took responsibility of this attack. Yemen has been going through Civil War from past few years. Houthi Rebels is a group fighting against their government with Arms and Ammunition to get in power. Houthi Rebel has gain full control over western part of Yemen. Yemen government is supported by Saudi Arabia, which made them Houthi Rebels's enemy.

Reaction from World

Many people and countries like USA believes that, Iran is behind this attack and Iran is just using Houthi Rebels. This was conveyed through the minister of states of America, Pompeo.

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What happened after attack

Saudi Arabia post attack cut down oil supply by almost 50%. They reduced supply by 5 million barrels, highest in the history. This affected the global market very badly and immedietly the price of oil barrels increased to 72 from 60. US President , Trump in his tweet stated that there is no need to worry as they will release their reserve. This statement was made in accordance with the upcoming elections in USA.

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How India will be affected

India will be very badly affected from this as India is the third largest oil importing country in the world after USA and China and for India Saudi Arabia is the largest oil exporting country after Iraq. This has been confirmed from RBI Governor, Srikanta Das's statement who says Saudi Aramco attack will have some effect on India's current account deficiet and fiscal situation.

This tension in Gulf region needs to be sort out soon to remove this energy crisis.

Hope you liked my blog, follow for more such updates.

Thank You.

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