U.S. Mediates Peace
Introduction
A deal has been struck between the United States, Russia, and Ukraine, and a
ceasefire is expected to take place sometime afterward. According to the deal, the
sanctions on Russian crude oil can be lifted, which in turn stabilizes the global fuel
market. Within the next few days, the world would be able to experience any
throwback in petrol and diesel prices.
At that time, new tariffs levied by the U.S. will apply on countries importing crude oil
from Venezuela, which will probably result in increased crude oil price hikes, but the
expected outcome on the Russia-Ukraine deal should completely preclude any major
fuel shortage.
Mediator of the United States for Russia-Ukraine Deal
This activity will reduce tension in the energy sector. According to the agreement
between Russia and Ukraine, attacks on energy infrastructure and maritime routes
are curtailed. Furthermore, Washington is ready to lift sanctions against Russia,
which concerns the oil supply.
Both Kyiv (of Ukraine) and Moscow (of Russia) made an agreement, yet they assume that the other side will not reciprocate. According to Phil Flynn, one of
the senior analysts for Price Futures Group, if the ceasefire proves solid, then the
way can be clear for lifting restrictions on Russian oil exports.
Fuel Prices Impacted
Before this agreement, oil prices were rising due to the uncertainty in global markets.
However, the crude oil prices were stable after the announcement, which made them
not to rise.
Experts claim that as oil output is ramped up by OPEC, Russia, and the U.S., thereby
diminishing pressure on fuel prices, this will cheer major oil-importing countries such
as India, which imports more than 85% of its oil.
Venezuelan Oil Tariffs Targeted at China by U.S.
Simultaneously, the U.S. has tariffed countries importing oil and gas from Venezuela.
The action is in line with pointing out China as a significant buyer of Venezuelan oil.
These tariffs are made to limit the Venezuelan oil supply and also disrupt China’s
independent refining sector, according to Mukesh Sahdev, energy expert at Rystad
Energy. This has created apprehensions on global supply and caused crude oil
prices both in the Gulf and the U.S. to rise by more than a percentage point in just a
day.
Crude Oil Prices Stable
Nevertheless, crude oil prices are relatively stable. The sharp rise in the prices after
The announcement of tariffs by the United States on Venezuelan oil did not follow suit
with the recent agreement between Russia and Ukraine.
In Bloomberg’s words, Gulf crude oil fetches a price of $73.02 per barrel, while U.S.
Crude oil has gone up slightly by 0.43% to $69.30 per barrel. Recent days have seen an
increase in crude oil prices, but they are not seen to be fluctuating too much.
Petrol and Diesel Prices Might Take a Dip
While the geopolitical tensions and U.S. tariffs have not yet affected the prices of
petrol and diesel in other major oil-importing countries such as India, specialists
opine that in case of a resolution to the Russian-Ukrainian crisis and some
reassessment of tariff policies by the U.S. government, then the cascade toward
lower fuel prices might commence.
Various analysts warn that the U.S. tariffs on Venezuelan oil might prove
counterproductive, leading to inflation and a slowdown in the U.S. economy and,
should crude oil supply improve, the prices of petrol and diesel become cheaper.
Fuel Prices Let Loose in India
At present, the price of petrol and diesel remains unchanged in India, according to
the Indian Oil Corporation (IOCL). Fuel prices in major Indian cities are:
Petrol- ₹94.77 per liter. Diesel- ₹87.67 per liter
Kolkata- Petrol- ₹105.01 per liter. Diesel- ₹91.82 per liter
Mumbai- Petrol- ₹103.50 per liter. Diesel- ₹90.03 per liter
Chennai- Petrol- ₹100.80 per liter; Diesel- ₹92.39 per liter
In the meantime, with no change in fuel prices, there could be hopes for a reduction
in petrol and diesel values should the acceleration in crude oil output materialize
anytime soon.
In Summary
Negotiations led by the U.S. concerning Russia and Ukraine represent a major line
of departure toward stabilizing global oil markets. If the ceasefire holds, it is
projected that fuel prices will go down following the increased supply of crude oil.
Yet the U.S. tariffs on Venezuelan oil leave significant uncertainty for the market,
especially concerning China. With global oil production increasing, there will be price
relief soon in countries like India that import oil.
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