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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.

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 is undeniably one of the greatest actors in Indian cinema. His illustrious career is adorned with iconic films like Bobby, Kabhi Kabhie, Karz, Chandni, Fanaa, Namastey London, Agneepath, Kapoor & Sons, and many more. Tragically, he left this world on April 30, 2020, after a courageous two-year battleRead More

Why global crude oil prices may rise further

Why global crude oil prices may rise further

Breaking news, Business, Latest headlines, slider September 4, 2023 at 2:31 am 0 comments

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.Read More

Top Mobile Phones under Rs 10000 in India (March 2023)

Top Mobile Phones under Rs 10000 in India (March 2023)

Breaking news, Latest headlines, slider, Technology September 4, 2023 at 2:30 am 0 comments

Top 5 Mobile Phones under Rs 10000: The top mobile phones under Rs 10000 offer a well-rounded set of features that don’t put a dent in your pocket. There are many mobile phones under Rs 10000 available in India which are affordable and dependable. The best phones under Rs 10000Read More

Michael Pratt Near Perfect In No. 24 Tulane’s 37-17 Victory Over South Alabama

Michael Pratt Near Perfect In No. 24 Tulane’s 37-17 Victory Over South Alabama

Breaking news, Latest headlines, slider, Sports September 4, 2023 at 2:29 am 0 comments

Every pass Tulane quarterback Michael Pratt threw – from high, arching throws deep down field to quick strikes in the flat – hit the hands of his intended receiver. Only one was dropped by Jha’Quan Jackson. But the speedy receiver made up for it – and then some. Pratt completedRead More

What will common man get from One Nation One Election, asks Kejriwal

What will common man get from One Nation One Election, asks Kejriwal

Breaking news, India, Latest headlines, slider September 4, 2023 at 2:29 am 0 comments

Statesman News Service | New Delhi | September 3, 2023 8:15 pm Delhi Chief Minister Arvind Kejriwal [File Photo] “What is important for the country? One Nation, One Election Or One Nation, One Education (good education for everyone whether rich or poor). One Nation, One Treatment (Rich or poor, equalRead More

Centre Encourages States To Develop Logistics Policies For Business Growth

Centre Encourages States To Develop Logistics Policies For Business Growth

Breaking news, Business, Latest headlines, slider September 2, 2023 at 11:08 am 0 comments

In a move aimed at promoting economic growth and streamlining business operations, the government has called upon states to formulate their own logistics policies. The Ministry of Commerce and Industry made this announcement, highlighting the potential benefits of such policies in enhancing the ease of doing business within each state.Read More

Watch: Hrithik Roshan enjoys dinner night with Saba; sons Hrehaan, Hridaan join

Watch: Hrithik Roshan enjoys dinner night with Saba; sons Hrehaan, Hridaan join

Breaking news, Entertainment, Latest headlines, slider September 2, 2023 at 11:07 am 0 comments

Hrithik Roshan recently stepped out for dinner with his girlfriend Saba Azad. The actor and his ladylove were accompanied by his sons – Hrehaan and Hridaan.

Ireland boss Andy Farrell says ability to ‘roll with punches’ key for World Cup

Ireland boss Andy Farrell says ability to ‘roll with punches’ key for World Cup

Breaking news, Latest headlines, slider, Sports September 2, 2023 at 11:06 am 0 comments

Andy Farrell believes Ireland must remain calm and “roll with the punches” to realise their potential at the Rugby World Cup.

Aditya-L1 Separates From PSLV Rocket, Begins 125-Day Journey Towards Sun: ISRO

Aditya-L1 Separates From PSLV Rocket, Begins 125-Day Journey Towards Sun: ISRO

Breaking news, Latest headlines, slider, Technology September 2, 2023 at 11:05 am 0 comments

Sriharikota: The Aditya-L1 spacecraft has begun its 125-day voyage to the Sun after it successfully separated from the PSLV launch vehicle, ISRO said on Saturday, adding that the spacecraft was injected in the “precise orbit” as intended.

Prediabetes Patients Should Avoid THESE Foods And Lower Risk Of Type 2 Diabetes

Prediabetes Patients Should Avoid THESE Foods And Lower Risk Of Type 2 Diabetes

Breaking news, Health, Latest headlines, slider September 2, 2023 at 11:04 am 0 comments

When a person is prediabetic, they have a higher than normal blood sugar level but not high enough to make them diabetic. While a fasting blood sugar level less than 100 mg/dL is normal, a fasting blood sugar level from 100-125 mg/dL is considered prediabetes. If it’s equal to orRead More