Crude bill spurts fear

ccording to the recent forecast by the US Energy Information Administration's short-term energy outlook, Brent crude oil prices will average to $73.7 per barrel in 2019.Analysts have estimated the rupee could average around Rs 71 to the dollar in 2019. The average pricing has been arrived at assuming the global situation does not worsen drastically.However, there is growing tension in Latin America with the US imposing sanctions on Venezuela. Moreover, the exemption granted to India and seven other countries to import crude from Iran would end next month, unless Washington extends the deadline.The country is scouting for more oil by widening its purchase basket, setting up strategic reserves, entering into strategic understanding as a key buyer of crude globally and pushing for the end of Asian premium.Saudi Arabia's crown prince Mohammed bin Salman's visit to the country this week is likely to see some positive engagement, including long-term contracts for crude import. Dailyhunthttps://www.babelcube.com/user/sid-tarak

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