Petrol Prices in India: Ever since Donald Trump assumed the US presidency, there have been many changes not only in global politics but also in economic activity. Trump’s tariff has forced countries around the world to change their economic activities. On the other hand, Gulf countries and countries that have crude oil reserves have also become very active in this field. There are indications of a flood of petrol and diesel in the current year from the international market. What has not decreased in the oil market in the last decade is going to decrease in the year 2025.
Iraq has announced that it is preparing to increase its production to 6 million barrels per day by the year 2029. On the other hand, new oil reserves have been discovered in some areas of the world. Because of this, the supply from there can also increase by 3 million barrels per day in the current year. The US government is already talking about increasing oil production through the Drill Baby Drill project.
This means that no matter how much demand there is in the world, there is not going to be any shortage in the supply of oil. Crude oil prices will come down, and the prices of petrol and diesel will come down in oil-importing countries. Let us also tell you what kind of reports have come out regarding the production of crude oil.
Iraq’s state news agency quoted Iraq’s Oil Ministry as saying that Iraq plans to increase oil production capacity to more than 6 million barrels per day (BPD) by 2029. Oil Ministry Under Secretary Bassem Mohammad Khodeir told the agency that Iraq aims to achieve its goal from oil exploration and nationwide drilling, pointing to a recent agreement with oil major BP that has opened a new tab for the redevelopment of four Kirkuk oil and gas fields.
According to a report, this year will see the largest amount of new oil supply in a decade, showing an estimated global increase of about 3 million barrels per day. Bloomberg reported that the Raymond James data report cited projects such as the giant Tengiz field in the Kazakh segment of the Caspian Sea—one of the largest oil discoveries in modern times—and the Bacalhau field in Brazil, which has an estimated potential of 1 billion barrels of oil equivalent. The report said production expansion in Saudi fields would also contribute to a new wave of oil supply.
India is the second or third largest oil importer in the world. A large part of India’s total import bill is for crude oil. In such a situation, if the price of crude oil decreases, then India’s import bill will decrease. Also, India will not have to buy much in dollars. Due to this the value of the rupee will increase. Also, the country’s economy will be benefited. The biggest thing is that fuel prices will decrease, and inflation figures will also decrease. This is a matter of concern for governments around the world. India imports 85 per cent of its oil requirement.
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