INSUBCONTINENT EXCLUSIVE:
PM Modi warned the supply chains disruptions will impact the global economyPrime Minister Narendra Modi warned in a Commerce Ministry's
webinar that the disruptions to supply chains will significantly impact the global economy.Amidst growing uncertainty in the global economy
over the Ukraine crisis and disruption of trade and shipping services following sanctions on Russia, the Brent Crude Oil futures jumped to
the coming weeks as the country depends on imports for over three-fourths of its energy needs."During the global pandemic, the supply chain
in the world has been shattered, and these days we are especially seeing that the issue of supply chains has shaken the economy of the whole
world," said Mr Modi.The crude oil prices have been high even before the Russian invasion of Ukraine, with investors rushing into resources
on supply concerns, in a bad sign for already-high global price pressures.According to Petroleum Ministry data, the price of Brent Crude
averaged $87.22 per barrel during January 2022 as against $74.10 per barrel during December 2021 and $54.84 a barrel during January
barrel during January 2021."Crude trades higher amid tightness concerns on the back of Russia-Ukraine fight, OPEC+ decision to raise output
gradually and unexpected decline in US crude stocks
Crude may continue to trade higher unless there are genuine efforts to resolve Russia-Ukraine tensions, said Ravindra Rao, Head of Commodity
Research at Kotak Securities.
