With international crude oil prices cooling down in 2023 from high levels witnessed in the previous year, expectations are high for price reduction of diesel and petrol by oil marketers in 2024.
"The Urals had mostly traded below the G-7 imposed price cap of USD 60 per barrel but have breached the cap in recent weeks whereby it is trading at around USD 69. Upon the rise in prices of the Urals, the share of Russian crude in India s total crude oil sourcing basket declined to 34 per cent in August 2023 from nearly 40 per cent since the outbreak of the Russia-Ukraine war," it said.
Wells Fargo Analyst: Crude Oil Won t Go Much Higher in Near Term industrialinfo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from industrialinfo.com Daily Mail and Mail on Sunday newspapers.
UBS sees Brent crude at $90 by the end of 2023 streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.