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Bharat Petroleum Corporation Limited (BPCL) is an Indian public sector oil and gas company, headquartered in Mumbai. It is India's second-largest government-owned downstream oil producer , whose operations are overseen by the Ministry of Petroleum and Natural Gas .
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
And despite a sharp drop in U.S. inventories, oil fell another 1% on June 2, with Brent crude reaching $50.25 and WTI down to $47.91. [26] By June 9, Brent crude was at $47.67, down 12% from May 25, and WTI was at $45.44, down 11%, with limits on production not having the expected effect as supplies continued to rise. [27]
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He said while new turmoil in the Middle East or a Venezuelan takeover of Guyana could revive oil prices, there is a growing chance that US gas prices will drop towards $3 a gallon nationally.
Trump's plan to 'drill. baby, drill' isn't likely to spark more oil production, lower gasoline prices, and help reverse inflation, analysts say.
In August 1977, the company was given its permanent name, viz. Bharat Petroleum Corporation Limited (BPCL). The installed capacity of 5.25 million tonnes per year was increased to 6 million tonnes per year in 1985. The present refining capacity of the refinery is 6.9 million tonnes per year.
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