Saudi Arabia's statement about oil shocked the world, India's headache will also increase

Inflation is at its peak in the world and the energy crisis is also increasing. The main reason for which is believed to be the war between Russia and Ukraine. Meanwhile, a statement has come from Saudi Arabia regarding oil. Due to which the headache of all the countries of the world has increased. Saudi Arabia's Foreign Minister announced that Saudi Arabia has refused to take any further action regarding oil prices. Prince Faisal Bapin Farhan told the World Economic Forum, as far as we know, there is no shortage of oil. We have done what we could.

According to the International Energy Agency, Saudi Arabia is the largest exporter of oil in the world. In March, the IEA prepared a 10-point plan to release more oil than stock to curb rising prices.

Russia is one of the world's largest producers of oil and the attack on Ukraine has created a worldwide energy crisis. Crude oil prices have risen 70% over the past year and have risen 20% from $110 a barrel since the start of Russia's offensive.

Fatih Birol said, “As per our estimates, the oil supply is currently under control. And Saudi Arabia will not supply it with much oil. It's more difficult than getting the barrel to market. Inflation in the US is skyrocketing due to the rise in oil prices, which was 8.3% in April. The executive director of the IED has also warned that its rise in the summer could lead to a global recession.

https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-6276502872535944Prince Faisal told Bloomberg that this summer will be difficult because the demand for oil is usually highest in the summer. Everything one could do to keep energy prices down in global energy markets. he should. But Fatih Birol argued that the solution to rising oil prices is not to increase supply. Rather, it has to invest more in refineries.