New Delhi: The Indian currency has dropped once again. This time the decline is due to increase in crude oil prices. In fact, there has been a drone attack on Saudi Aramco, one of the world's largest oil companies. Due to this, the supply of crude oil has been hindered. It has also had a direct impact on the Indian currency. The rupee fell 68 paise to 71.60 against the US currency in early trade on Monday due to a sharp rise in oil prices.
With this, the burden of oil import bill is expected to increase further on the Indian economy already going through economic slowdown. Two Aramco facility centers caught fire on Saturday morning. Saudi Arabia's Interior Minister confirmed the fire at Aramco's facility centers due to the drone attack. The Huti rebel organization has claimed responsibility for this attack. Aramco has reduced its production after this attack. After this drone attack, a crisis has arisen on the supply of oil globally.
The global supply of oil has decreased by 57 lakh barrels per day since this attack. This volume is about six percent of the global supply. Aramco CEO Amir Naseer has assured the global market that they will soon bring the supply back to the old level. Aramco has stated that it will reduce its production for the next two days. The company said that it is doing this for the repair of oil wells damaged in the drone attack. Explain that India is among the largest importers of crude oil in the world. Due to this, this incident is sure to have an impact here.
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