PM Modi Urges Oil Conservation as Global Prices Soar Amid West Asia Crisis

New Delhi: Describing the ongoing crisis in West Asia as the biggest crisis since the Corona epidemic, Prime Minister Narendra Modi has appealed to the people to save oil. The Iran war has tightened oil supplies in the world and its price has skyrocketed. Many countries have declared an oil emergency. The European Union has also advised work from home. Saudi Aramco, the world's largest oil company, has warned that the world's crude oil stocks are heading towards dangerously low levels. OPEC countries'production in April reached the lowest level in 26 years. There is no distant hope of restoring peace in West Asia. Clearly, the situation could get worse in the coming days. According to a Reuters poll, the Organization of the Petroleum Exporting Countries'oil production fell by 830,000 barrels per day in April to an average of 20.04 million barrels, the lowest since 2000. Kuwait's exports to Kuwait went to zero in April, as the world begins to move through the Strait of Iran, but the world is still over a billion barrels per day.