Masterstroke India on oil issue: There are huge oil reserves

BanglaHunt Desk: The problem that arose between Saudi Arabia and Russia was the oil issue. The conflict between the two oil mines in the world began. Oil prices were falling due to lower sales than oil production there. As a result, India's profits were showing. At present, these two countries agree on their own with American intervention. As a result, oil prices are likely to rise again. But in this situation, experts have different views on what India will benefit from.

In this context, Morgan Staley and the World Bank jointly addressed the problem. They said that even now, after the oil war is over, the price of oil will not rise too much. The first reason is that Saudi Arabia and Russia have negotiated $ 1 million oil. But there, India bought $ 3 million worth of oil. So the price of this oil will not rise very much.

Again, the price will not change if you give a 3-5 barrel discount. Because of the CORONA (COVID-19) crisis, no country in China, India, and the United States needs oil anymore. Due to the lockdown, these countries are no longer taking oil. Also, India and China already have a large amount of oil reserves. India started buying oil very cheaply to handle the crisis. Despite falling oil prices, this oil can strengthen the country's economy. So now all these countries will not want to buy oil even if the price is discounted.

The demand for oil in the world is now decreasing. Even though the price has dropped, the demand for oil is much lower now. India's intermediary company exports $ 20 billion in oil annually. So even if oil prices rise, India will still be able to profit from it.

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