INFAMOUS BLACK GOLD

Petroleum also known as black gold has been the backbone of our economy for years as all the day to day commute relies on it. Recently there has been a tremendous rise in the price of petroleum which is mainly due to OPEC (Organization of Petroleum Exporting Countries). It is a strategic alliance of 23 petroleum producing countries who account for more than 50% of world crude oil supply. Currently these countries are hoarding crude oil to artificially drive up its price in the international market. Crude oil is such a basic commodity that increase in its price is leading to cost inflation. Currently our economy is in the post pandemic

phase and such inflation is hampering its recovery.

To battle their dominance, India has agreed to release 5 million barrels of crude oil in a strategic release with world powers like the USA, China, Japan and South Korea. This maneuver will definitely ease the international market but this is a temporary fix and not a permanent solution.

Though currently a general shift is being observed in energy where more and more products are turning toward green energy sources and the automotive industry is no exception. The US has forced all its car manufacturers to sell a certain number of EVs to weaken the dominance of combustion cars. Still it's long for EVs to completely substitute combustion cars and the demand for petroleum is going to remain constant for coming years