BRENT CRUDE, WHICH SURPASSED $90/BBL IN APRIL FOR THE FIRST TIME IN SIX MONTHS, MAY RALLY FURTHER DUE TO IRAN-ISRAEL TENSIONS. THIS COULD LEAD TO HIGHER INFLATION IN INDIA AND WIDEN THE TRADE DEFICIT. A LOOK AT THE NUMBERS
$16.9 BILLION: Value of India’s Brent crude oil imports in February, up 9% from $15.5 billion in January
26%: Share of crude oil imports in India’s total import bill of $620.3 billion in FY24 till February
$225.3 BILLION: India’s trade deficit in FY24 till February, of which 37% or $84.3 billion is only on account of crude oil
BRENT CRUDE, WHICH SURPASSED $90/BBL IN APRIL FOR THE FIRST TIME IN SIX MONTHS, MAY RALLY FURTHER DUE TO IRAN-ISRAEL TENSIONS. THIS COULD LEAD TO HIGHER INFLATION IN INDIA AND WIDEN THE TRADE DEFICIT. A LOOK AT THE NUMBERS