Why Oil prices go up

Video Description

The increase in rates of oil has been hard and unbearable on the common people. While there are strong discussions, oppositions against this, there has also been concern towards this rising issue. Lets breakdown why the price for oil is at an all time high. While Donald Trump, the US President has decided to walk out of the Iran Nuclear deal, there is political instability in Venezuela. It is the country that uses cryptocurrencies and produces a lot of crude oil. Trump also decided to impose sanctions on Venezuela. Since India imports oil from Iran and Venezuela, this can decrease growth, increase inflation and worsen the current account deficit. Thus Trump’s problems with Iran and Venezuela impacts on the oil price hikes in India and largely affects the growth of Indian economy.

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