Indian government could do away with excise taxes on petrol and diesel, said Mriganka Jaipuriyar, News Editor, Oil & Gas at Platts.

She said demand for Organization of the Petroleum Exporting Countries (OPEC) crude is rising and non-OPEC investment has gone down by 40% since 2014.

Jaipuriyar said that fundamentals are driving oil prices higher.

The week has been all about crude, as the oil prices hit $80 per barrel.

Crude prices have been up by 20% since the year began. So, why are the prices rising?

Number 1, US oil inventories have declined for the second week and the US exports are at 2.6 million barrels, which is their highest weekly exports ever.

Number 2, the geopolitical concerns around Iran and Venezuela. The Venezuelan presidential elections are set to happen on Sunday, which has led to an uncertainty in terms of oil supplies.

Adding to that the oil supplies were also hit by US re-imposing sanctions on Iran after it pulled out of the Iran nuclear deal.

Number 3, OPEC is expected to maintain its productions cuts, while we have seen a demand growth globally.

Number 4, Asia's oil demand is expected to cross $1 trillion in 2018 and this is a problem because Asia-Pacific consumes more than 35% of the total consumption.

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