Crude breaks in hopes of increasing supply from Iran and Venezuela ...

- Like the Organization of the Petroleum Exporting Countries (OPEC), the Consumer States are now in the process of forming an organization!

The recent unprecedented jump in the price of Crew Detail has stunned world market veterans and big players as well as fund managers. The impact of the war between Russia and Ukraine on the crude market has been significant. However, even before the war, crude oil prices were seen rising globally and since then, the recent war effect has given rise to such a boom, according to world market sources.

Russia ranks second only to Saudi Arabia in terms of crude oil exports to the world market. In such an environment, the price of Brent crude oil in the world market soared to ૩૯ 15 to ૪ 120 a barrel and the market rushed to set a new record.

Crude prices soared to a 15-year high. Earlier, crude oil prices jumped above ૪૫ 15 a barrel in 2008, which was an all-time high, and in the recent boom, although the market has not yet reached a record high, various experts around the world are predicting that crude oil prices will continue to rise. Don't be surprised if you keep going from 150 to 200 dollars! The United States and Britain have decided not to import crude oil from Russia in the wake of the war. As an alternative to Russia, these countries are now looking to Saudi Arabia and the United Arab Emirates. Rumors have been circulating recently that Saudi Arabia and the United Arab Emirates are ready to support the US in crude supplies if the US stops supporting Yemen.

Experts are also hoping that the rise in crude oil prices will lead to an increase in the number of oil rigs in the US and consequent increase in production. However, in the United States, the government has become more and more in favor of green energy. The government is likely to lean towards a variety of alternative energy sources. A new alternative to hydrogen energy has also emerged.

Globally, the market for electric vehicles (EVs) is now growing exponentially. With the recent war effect and the consequent surge in crude oil prices, the market for electric vehicles is now likely to see new growth opportunities.

After the war, Brent crude rose sharply to a high of ૩૯ 15 to ૪ 120, and then fell sharply to a two-year record high on Wednesday. The possibility of increasing supply of crude oil from Iran and Venezuela to the world market is also being discussed in the world market. Thus the jump in prices has become widespread.

Now, for the first time since 2014, there are indications that interest rates will rise sharply in the United States. The Organization of the Petroleum Exporting Countries (OPEC) is known as OPEC and its member countries are Russia. Why can't the crude oil consuming countries form an organization similar to the one created by the crude producing countries? Such a question is now being asked in the world market. The idea of ​​uniting crude-consuming countries has also been floated by India's former oil secretary.

On the one hand, European countries are opposing Russia, on the other hand, European countries are also importing crude oil from Russia. The blending of ethanol and edible oils (biofuels) in crude is now likely to increase. Following the rise in crude oil, the prices of palm oil and soyoil in the world market have also skyrocketed recently. OPEC nations announce increase in production And there are indications that more such volumes may be released.