India says oil prices would have rocketed without its Russian imports
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India's oil minister stated that global oil prices would have surged if India had not imported oil from Russia after the Ukraine war. The minister emphasized that oil prices will guide India's future purchasing decisions.
November 09, 2024 | 5:30 am
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NEUTRAL IMPACT
The statement by India's oil minister highlights the importance of Russian oil imports in stabilizing global oil prices, which could impact the price of oil ETFs like BNO.
India's oil imports from Russia are suggested to have prevented a spike in global oil prices. This could influence the performance of oil ETFs like BNO, which track oil prices. However, the direct impact on BNO is not explicitly detailed, leading to a neutral short-term price direction.
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