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Oil, geopolitics, and climate change

Crude oil still commands its place in the fuel market, but investments in oil exploration have gone down as concerns about climate change grow

Topics
Crude Oil Price | Mohammed bin Salman | Saudi Arabia

D P Srivastava 



oil

President Biden visited Israel and recently. As a Presidential candidate, he had criticized the role of the Crown Prince in Khashoggi murder and threatened to turn his country into a ‘pariah state’. The overriding compulsion for a change in this position was a sharp increase in oil prices since the outbreak of the Ukraine crisis. If the sanctions against Russian exports are to be successful, alternate supplies have to be found. Otherwise, the increase in the price would have political costs for Biden Administration in the coming Congressional elections. The petrol price at the pump has already crossed the comfort level of $ 4 per gallon to reach a US-wide average of $ 5 per barrel. Ironically, immediately after the visit, the crude price went up from $ 104.39 to $ 110.27 per barrel before settling down to $ 107.50 per barrel. The price of the Indian crude basket has gone up to $ 104.10 per barrel from $104.10 per barrel a year ago.

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First Published: Tue, July 26 2022. 11:58 IST

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