Real Reason Behind Increasing Petrol Prices by Government
In this video, Forexustaad will tell you about the basics of oil and how oil comes out of the ground? How does oil reach you through processing? Why is the price of oil increasing? And how does this price come out? Watch this video till the end to get complete information about all these things. There are many companies in the world that work to find oil from the ground. The concerned company can set up its plant at the place where the oil is found. There are many companies in the world that work to find oil from the ground. Oil is also extracted from the bottom of the dry land and a large amount of oil is extracted from the sea. The concerned company can set up its plant at the place where the oil is found. There are two types of oil: WT oil and Brent oil. Brent oil is expensive while WT oil is cheaper than Brent oil. Their example is similar to that of the Android mobile phone and Apple mobile phone. WT oil is the most used oil in the world. WT oil is also used in Pakistan and India. There are some countries including the USA where Brent oil is also used. There are three main pillars that are extracting oil, including the United States, Russia, and OPEC. Russia and the United States are also part of OPEC to some extent, but the United States has always distanced itself from OPEC. OPEC stands for Organization of the Petroleum Exporting Countries whose job is to increase or decrease the supply of oil. The price of oil has to be increased or decreased. 15 countries of the world are part of OPEC including Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. OPEC is like a club. Which checks whether the demand for oil in the world is increasing or decreasing? The United States competes with OPEC. Oil is sold per barrel worldwide. One barrel contains 159 liters of petrol. When trading forex, the oil price that you see in the forex chart, for example, 110, 125 is the price per barrel. The oil is extracted in raw form and sold to different countries of the world. Similarly, oil in raw form reaches Pakistan. There are various oil furnaces in Pakistan that separate different types of oil from crude oil and refine it and send it to petrol pumps. There are also issues with Pakistani oil refineries that these refineries do not have the machinery to refine Brent oil. They can only refine WT oil. The third and final thing is oil storage capacity - how much capacity a country has to store crude oil or oil after refining. Pakistan's oil storage capacity is ranked 47th in the world, which means that our oil storage capacity is almost non-existent. That is why when there is a shortage of supply, there is a rapid shortage of oil in Pakistan. Therefore, we have to increase Pakistan's oil storage capacity. Telling this entire means you can find out how and why the price of oil goes up. Do a thorough search of all the above and find out how many liters are in the barrel. Which country is extracting and selling how much oil? If you have good knowledge about all these things then you will be able to trade well. You learn first then invest in forex trading. If you want to do forex trading or crypto trading then visit our website https://forexustaad.com/ and get free forex trading training, and free tools if you want to be a successful Forex trader, subscribe to our channel https://www.youtube.com/c/ForexUstaadcom1 now. So you can get all the incoming videos on time.