Crude oil breaks up after rising: Cold War begins between producing countries and consuming countries!

- New Corona virus emerges in South Africa, hits market again: Now look at OPEC meeting

The recent rise in global crude oil markets has seen a sharp rise. Crude oil demand in the world market has been on the rise as the second wave of Corona receded and the process of reopening instead of lockdown has gained momentum globally and the vaccination process has accelerated. However, indications of a new virus outbreak in South Africa saw prices fall by 3 to 4 per cent on Friday. According to these sources, the recent rise in crude oil prices prompted the United States to urge the Organization of the Petroleum Exporting Countries (OPEC) to increase production. This angered the United States, which had decided to sell 20 million barrels of crude oil from its reserves. In addition to the US, India, Britain, Japan, China, South Korea v. There were also indications that various countries had decided to put crude oil in the market from their own reserves. Thus, for the first time in the history of the crude oil market, there were indications of a Cold War-like situation between the producing countries and the consuming countries. The Indian government has decided to release 4 million barrels of crude oil reserves in the market, while the US government has decided to sell 500 million barrels of crude oil from its holdings. The US government has decided to expedite the release of gasoline, petrol and diesel prices on various festive days and cold days in the US. However, there has been no significant reduction in the price of crude oil in the world market despite various countries selling such quantities in the market. Global crude prices have risen by about 30 per cent this year.

According to US market sources, the US government has a reserve of about 205 to 203 million barrels of crude oil. One million equals one million barrels. In the first phase, the US government is expected to sell 200 million barrels. In the United States, the government decided to build such a strategic reserve of crude oil in the last 15 to 18 years. Although it was decided at the time to sell the stockpile during wartime or natural disasters, this time the government has cut off Thanksgiving and Christmas festivities, prompting former President Trump to protest. OFCommerce has also reportedly expressed displeasure with the government's move. According to market sources, the Trump administration in the US had increased its government reserves by about 3 million crude oil purchases at a time when global crude oil prices plunged into negative territory last year due to the Corona infestation. Meanwhile, according to global investment banker Goldman Sachs, the amount of reserves that the governments of various countries have set out to sell in the market is likely to be as much as a drop in the ocean. Following this statement, there were reports that the price of Brent crude in the world market has risen to above ૮૨ 3 per barrel. However, since then prices have fallen below 3. OPEC producers have also been offended by such an approach by crude-consuming countries, and experts said the impact of such resentment was now likely to be felt on market prices.