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Gold prices surged, reaching a near one-week high. This rise occurred as a tentative US-Iran peace agreement lowered oil prices and eased concerns about potential US Federal Reserve rate hikes.
The UAE joined the OPEC in 1967
This rerouting means India missed out on its first Iranian crude shipment in nearly seven years, highlighting the complexities of international oil trade under sanctions.
The review focused on ensuring uninterrupted supplies, stable logistics, and strengthened distribution systems for essential commodities across India.
Oil prices experienced a significant decline on Tuesday, with Brent crude futures dropping to $92.45 a barrel and US West Texas Intermediate (WTI) falling to $88.65, a sharp reversal from Monday's surge past $100
Various reports quoted officials as saying that India has enough stock reserves which can last up to 74 days to meet demands during crisis.
The Oil Ministry declined to comment on the issue
The US Treasury has given companies until November 21 to wind down transactions with the Russian oil producers.
This marks the fourth time Trump has commented on the matter in six days.
His statements came after he once again claimed that Prime Minister Narendra Modi reassured him that India would stop buying Russian oil.
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