A 7 percent rally in crude oil prices took the chart to its highest level in seven months. And, then came the big news. Aramco, the world’s biggest oil refiner , is reportedly planning a $50 billion share sale at a time when crude oil prices are expected to rise significantly. Now, on the morning of September 4 in India, global crude oil is at its highest in nine months . According to a Wall Street Journal report citing sources, the follow on sale of shares to the public may take place before the year end, in Riyadh stock market. This is the third share sale by the company, owned by the Kingdom of Saudi Arabia, since its initial public offering (IPO) in 2019. High oil prices are good for Aramco because higher the price, better the valuation for its shares. Saudi Arabia had earlier decided to delay the share sale citing poor market conditions. At the end of June 2023, Aramco’s profit was down 38 percent to $30.1 billion due to pressure on crude oil prices. Expectations are that oil prices may rise even further. Barclays, for instance, estimates that crude oil may cost as much $97 a barrel in 2024. Earlier in August, the Saudi Press Agency said, citing sources, that the kingdom plans to cut oil output by a billion barrels a day. Goldman Sachs expects oil prices at $93 a barrel in the next 12 months. Watch this interview for the rationale provided by Daan Struyven, who leads the research on oil markets at the global investment bank. https://www.youtube.com/watch?v=MsRnpsoOCA0 The official decision is yet to be announced and if it comes through, this will be the third straight month of output cuts. When the production of crude oil is cut, the market price goes up. This is bad for a country like India, which imports over 80 percent of all the crude oil it uses. If the price of crude oil goes up, the resultant spike in prices of petrol and diesel will make the current problem of inflation even worse. The Indian government, which is bracing for elections in both states this year, and at the centre next year, has hinted that it would like to cut fuel prices to ease the burden on the consumers and voters. Last week, it announced a cut in price of cooking gas . However, a spike in crude oil prices may make this move less likely or more expensive for the exchequer. Meanwhile, the Reserve Bank of India has been clear that it intends to check inflation with more rate hikes, if necessary. India’s already facing high food inflation due to erratic rains and supply constraints. A spike in crude oil prices will only make it worse. RBI tolerance level for consumer price inflation is 6 percent at worst. A spike in crude oil prices is not good for the Indian economy. The latest consumer price index for July showed a rise of over 7.4 percent. If it gets worse, the Indian central bank may shift gears and return to a hiking interest rates, which equity markets don’t like.

Rishi Kapoor with son Ranbir Kapoor

Alia Bhatt shared a touching photograph of a young Ranbir Kapoor with his father on the day of Rishi ji’s passing. In her caption, she simply wrote, “beautiful boys.”

Rishi Kapoor enjoying a drink with Ranbir Kapoor and Bharat Sahni

In a photograph shared by Neetu in 2019, Rishi ji can be seen sharing a drink with his son Ranbir and his son-in-law Bharat Sahni. Along with the picture, Neetu stated, “Pure heart is very attractive n all three have that quality.. they are individually strong Pure with great wit !!! my super men #threescompany #familytime.”

Kapoor family New Year celebrations

The picture, shared on January 1, 2019, captured a lovely moment as Rishi ji’s entire family, including Alia, and Riddhima’s daughter Samara, gathered together for a meal to ring in the New Year.

Ranbir Kapoor’s selfies with his parents

These selfies are from the time when Ranbir stood by his father’s side during his cancer treatment, providing unwavering support. In her caption, Neetu wrote, “That amazing feeling in your lows when there is Positivity Happiness Love and that Wink.”

Neetu Kapoor on valuable lessons learned from Rishi Kapoor

In a heartfelt tribute to her husband on his 69th birth anniversary, Neetu shared a picture from one of their travels. In her caption, she recounted the challenges they faced during their traumatic years in New York City when he was undergoing treatment. She expressed that from him, she learned the power of hope and strength.

Kapoor family Christmas brunch

The final photograph captures a heartwarming moment from the Kapoor family’s Christmas celebrations in 2019. Rishi ji was surrounded by the entire Kapoor family on this joyous occasion, including Neetu, Ranbir, Alia, Saif Ali Khan, Kareena Kapoor Khan, and others.

Ranbir Kapoor slays as showstopper, Calls late father Rishi Kapoor and Alia Bhatt his ‘fashion influencers’

Rishi Kapoor Birth Anniversary: 7 priceless family pics of Karz actor with Ranbir Kapoor, Neetu and Alia Bhatt