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HPCL CMD MK Surana speaks on factors driving up crude prices

Three factors roiling the crude prices. One is the Russia-Ukraine crisis, the second is the Iran-US standoff, and the third is the OPEC's failure to ramp up production

February 25, 2022 / 02:56 PM IST
HPCL Chairman and Managing Director MK Surana

HPCL Chairman and Managing Director MK Surana

Russia-Ukraine standoff impacts oil prices and markets across the globe. Brent crude prices have risen sharply. MK Surana, CMD, HPCL, speaks on the various factors currently affecting the crude prices.

Brent futures, which have been on the boil in recent weeks over the Ukraine-Russia crisis, soared past the $100 per barrel for the first time since 2014 as traders fear further sanctions could hit Russia’s crude oil export.

“There are three factors affecting the crude prices. One is the Russia-Ukraine crisis. The second is a contrarian view coming over the Iran-US discussions. The third is the constant inability of OPEC to ramp up production up to the need. So, there is a shortage of 900,000 barrels per day,” Surana told CNBC-TV18 in an interview.

Catch all Live Updates on Russia-Ukraine tensions here