Industry Odisha Bureau, Jun 19: Soon after the Hormuz hurdle got reportedly eased following the formal seal of approval of the US-Iran peace deal, and scores of oil tankers, previously stranded, started moving through the Strait of Hormuz yesterday, the Brent Crude reportedly slipped to $79 per barrel.
As per international media reports, “Brent Crude Futures were down by 1.12% at $78.66 a barrel, while US West Texas Intermediate fell by 1.28% to $75.81 a barrel.”
The International Energy Agency (IEA) in its monthly reports released on June 17 has reportedly stated that “global oil supplies could exceed demand by 5.05 million barrels per day in 2027 as Middle Eastern exports return to international markets.”
Experts reportedly opined that the fall in Brent Crude oil price could have a good effect on India’s economy as it “would help lowering India’s import bill to billions of dollars in annual savings, would help in strengthening rupee as it reduces the need for foreign exchange to import energy, would help in improving current account balance that measures the gap between India’s imports and exports, and would help in reducing inflationary pressure as lower crude oil prices reduce transportation, logistics and manufacturing costs.”
