Aviation sector facing tough time
As the Organisation of the Petroleum Exporting Countries (OPEC) and Russia cut supplies and the US imposes sanctions on Venezuelan state-owned oil company Petróleos de Venezuela SA and on Iran, any rise in international crude oil prices is likely to impact the Indian aviation industry. As per the Petroleum Planning and Analysis Cell, the price of the Indian basket of crude, the average of Oman, Dubai, and Brent crude, was US$ 65.78 per barrel on February 28. This price, which averaged US $47.56 per barrel in FY17 and US $56.43 in FY18, posted an average of US$ 64.53 last month. Global crude oil prices had posted a record high of US$ 147 a barrel in July 2009.