YOU would surely have noticed, albeit with little surprise, that petrol and diesel prices in Delhi were revised upward last week. In fact, there have been many frequent fluctuations in the costs of petroleum products in the recent months. This has reportedly been due to continual changes in the global crude prices. In fact, liftsin crude prices have been due to persistent disruptions in production caused by terrorists' attacks in the countries that are major oil producers, such as Nigeria, in Africa. In addition, widespread wildfires in Canada, continuous political disturbances in Iraq, Libya, among other countries, have regularly hit crude total world output. Overall crude production from these countries is believed to be of the order of 3 per cent of the world aggregate.

Besides, recent reports from Middle East state that OPEC (Organization of Petroleum Producing Counties) have recorded a regular decline in supply. Crude production had also been stalled in the past several times for short durations due to the glut in the unsold global stocks. It has often been noticed that natural disasters, calamities and political upheavals too create hurdles in the net crude supplies for offer on sale globally.

Meanwhile, several recent reports in a reputed economic daily newspaper, The Wall Street Journal, have indicated that there has been nearly 3.5 million barrels daily deficit in crude production. And, these trends are likely to continue for some time causing ups and downs in supplies.

But, surprisingly, whatever may be the global situation, in prices or production, China reportedly continues to refurbish its huge crude stocks to meet any possible emergencies-- in prices or supplies-that may occur in the future due to extensive global geo-political or economic crises.

Brexit - A Big Issue For Britain

COME June 23, Britain will vote on, what's being largely deemed to be a landmark referendum on a diplomatic-political-economic issue in its modern history: Britain, one of the prominent big powers of the world, is to decide on continuing its membership in the 28-nation club, the European Union, EU.

Though a member of the union since 1968, British people feel that EU is not giving its much deserved and adequate regard, and has not been giving much value to the Britons' main commercial and political concerns, and that the country is being deliberately, consistently ignored in the serious decision-making processes that immensely affect all EU members. The EU was set up nearly 60 years ago, and Britain has been its member for about 40 years.

European Union as a single geographical unit has to ensure its fraternal association with all the members of the union in facilitating free trade in goods and services, banking transactions and single passport for travel to all the member countries. The single monetary union-Euro-as a single currency was accepted by the EU members in 1999, though Britain has so far not adopted it. Euro is recognized only in 19 of the 28 E U member countries.

Also, EU's history shows that the union has not had a smooth political or commercial run all these years. Britons feel that their country has little voice or role in EU's major decisions, and is dominated by Italy, France, Germany, Spain, Belgium, and others. EU's seven other institutions also don't care about Britain's main political and economic concerns.

It may be recalled that during Britain's 2015 general elections campaign, opposition parties had urged the ruling Conservative Party to withdraw from EU. And the Conservative Party-led David Cameron government had promised that if it returned to power, it'll hold a nation-wide referendum to decide on EU's membership. June 23 is the day when the referendum will clinch the issue.

It's however vital to state here that Cameron cabinet's six members are for quitting the union. Ironically, several members of both houses of British parliament want the country to stay in the union. Nation-wide opinion polls also suggest that up to 2/3rds Britons, younger than 25 years age, prefer to remain in the union. The Cameron government also wants staying in the union. Those who favour staying opine that it'll help Britain keep its influence and the security in the world, and that leaving the union would be 'economically costly.'

The greatest opponent and main supporter of the "Leave the Union" campaign is Boris Johnson, former London mayor. The president of the EU Donald Tusk, a former Polish premier, has severely opposed UK's leaving the union. Anyway, June 23 will prove to be an extremely crucial date for Britain's standing in Europe-in every respect, diplomatic, political, economic and above security. Let's sit with fingers crossed, and see which way the wind blows.