Saudi Oil Exports Soar as Brent Crude Falls to $97.34

Brent crude prices slipped by 0.70% to $97.34 a barrel due to increased oil exports from Saudi Arabia, according to Moneycontrol news on October 1. The country's crude exports more than doubled in September to around 5.4 million barrels per day after the restoration of parts of the damaged East-West pipeline.

The West Asian supply has recovered significantly, contributing to the drop in Brent crude prices. Iran's government announced that it had received a US proposal for reopening the Strait of Hormuz, following its own conditions for a resolution submitted last week.

Petrol and diesel prices across India remained unchanged on October 1. CNG rates were also steady. The city-wise prices varied slightly, with Mumbai seeing petrol at ₹111.21 per liter and diesel at ₹97.83 per liter.