Global oil market unaffected by rising Indo-Pak tension

Global oil market unaffected by rising Indo-Pak tension

The Indian Air Force strikes against terror launch pads in Pakistan have had no bearing on the global oil market, with experts of the opinion that any impact is unlikely.

Any spike in international crude oil prices will affect India against the backdrop of factors such as the Organization of the Petroleum Exporting Countries (Opec) and Russia cutting supplies, the US administration imposing sanctions on state-owned oil company Petróleos de Venezuela SA (PDVSA), and President Donald Trump pulling the US out of a historic 2015 accord with energy-rich Iran that was signed to curb the Islamic Republic’s nuclear programme in return for ending sanctions.

“Both WTI (West Texas Intermediate) and Brent are down right now. So the oil market doesn’t even view this as an important incident,” said Debasish Mishra Read More

Leave a Reply

Your email address will not be published.