Aramco crisis impact on India |
After the drone attacks on Saudi`s oil facilities, which the US administration blames on Iran, has sparked fears of increased risk to energy supplies in the region. Brent crude prices jumped 10% to 66.28 Dollar a barrel on Monday, while West Texas Intermediate rose 8.9% to 59.75 Dollar in Asian trading. Prices pulled back slightly after US President Donald Trump authorized the release of US reserves. The drone attacks on plants in the heartland of Saudi Arabia`s oil industry included hitting the world`s biggest petroleum-processing facility. It could take weeks before the facilities are fully back on line. State oil giant Saudi Aramco said the attacks cut output by 5.7 million barrels per day. It has had a direct impact on the Indian stock markets on Tuesday as the market logged losses of around 0.7 percent. The Sensex at the Bombay Stock Exchange declined 262 points to close at 37,123. The Nifty at the National Stock Exchange also fell 72 points to settle at 11,004.
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