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Operations across 23 refineries nationwide were at 77% of capacity in May & amount of crude processed was almost 25% lower year-on-year.
With plunging crude prices and coronavirus shutdowns, the non-oil economy in Saudi Arabia is expected to contract for the first time in over 30 years.
As crude prices tanked, it brought relief for India: The rupee rebounded about 2% from a record low touched last month.
Price of crude oil fell because of fall in consumption due to Covid-19 outbreak and price war between Saudi Arabia & Russia, that forced other producers to slash prices.
After the oil-price slump of the mid-1980s, it took two decades for prices to return to their previous levels — longer if you build in the effects of inflation.
About 60 fuel tankers are anchored along the busy strait, some being used to hoard fuel at sea, others waiting to be redirected to any willing buyer.
The global oil slump has given Modi govt the cushion to hike fuel taxes to meet revenue shortfalls. But retail fuel prices still hover around pre-Covid-19 levels.
From first global Covid-19 casualty for aviation industry to likely higher toll in Latin American countries — ThePrint brings you 8 important global stories linked to Covid-19.
The world’s most important commodity is quickly losing all value as chronic oversupply overwhelms the world’s crude tanks, pipelines and supertankers.
New York futures fell to less than $16 a barrel as deal by OPEC+ and other producers failed to counter the demand hit from a crippled global economy.