Amid a bevy of negative economic news, New Delhi can take comfort in the present slump in oil prices. In the first quarter of this year, oil prices rose over a third. There was talk of $100-a-barrel and growth downgrades for importers like India.
Events seemed to only strengthen the case for a price spike: mismanagement by Venezuela and sanctions against Iran cut supply by over two million barrels a year, the Organisation of Petroleum Exporting Nations held to earlier production curbs, and the proxy war between Tehran and Riyadh escalated.
Instead, global oil prices have fallen to the low 60s and one crude variety, West Texas Intermediate, hit $52 a barrel. With some analysts speaking of oil prices softening all the way into 2020 Read More
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