Government Will Buy More Oil Than Other Producers

Government will buy more oil than other producers outside OPEC, Eye on new markets for crude oil.

In view of the volatility in crude oil prices in the international market, India is insisting on buying crude oil from countries other than OPEC.

In this sequence, in the next few days, the first oil consignment is going to come from Guyana. India is also keeping an eye on some countries in Africa where oil production has started recently.

Tarun Kapoor, Secretary in the Ministry of Petroleum and Natural Gas, told Dainik Jagran that we are increasing the number of suppliers in view of the market situation.

Crude purchased from Guyana on behalf of the state-owned petroleum company Indian Oil will reach India in a few days. Oil company HEML is also buying oil from there.

The government will buy more oil: Another private sector oil company Reliance Industries is constantly buying oil from Venezuela.

Kapoor said that new oil reserves are being discovered in many countries from where we are making special efforts to buy oil.

The European country Norway is also included in this. India has been procuring a major part of its petroleum oil requirements from Saudi Arabia, Iraq, Iran, and the US.

After the US sanctions on Iran, oil is not being procured from there. India started buying oil from America four years ago. It is now the fifth-largest seller of crude to India.

Gold Price on 6 July: Both gold and silver become expensive, see the rate before buying.

On Tuesday, July 6, an increase was recorded in the prices of gold and silver in the national capital.

According to HDFC Securities, gold rose by Rs 389 to Rs 46,762 per 10 grams in the national capital today on a pick-up in the global trend.

In the previous trade, gold had closed at Rs 46,373 per 10 grams. Silver also rose by Rs 397 to Rs 69,105 per kg today, from Rs 68,708 per kg in the previous trade.

In the international market, gold rose to USD 1,806 an ounce while silver remained almost unchanged at USD 26.63 an ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Increased buying in bullion due to weakening of the dollar supported the rise in precious metals.”

Gold futures price.

On the Multi Commodity Exchange, at 03:55 pm, the price of gold for delivery in August 2021 was trending up by Rs 572, or 1.21 percent, at Rs 47871 per 10 grams.

At the same time, the price of gold for delivery in October 2021 was trending up by Rs 603 by 1.27 percent at Rs 48169 per 10 grams.