Statsguru: Six charts show higher crude prices tend to push up inflation

The quantity of crude that India imported was 6 per cent lower in 2021-22 at 212 million tonnes compared to 2018-19

Volatility in crude oil prices over an unexpected production cut has brought back the focus on India’s vulnerabilities as a large importer.

The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers including Russia (collectively called OPEC+) said they would produce 1.16 million fewer barrels a day. Crude oil prices jumped above $85 per barrel after the announcement (chart 1).

 

International crude oil prices, already volatile due to the invasion of Ukraine and the ensuing sanctions on Russia, had reached as high as $133.89 per barrel in March last year. India has been facing a