High oil prices are a massive headache for India as its economy gets ‘pinched’


High oil prices are a massive headache for India as its economy gets ‘pinched’

While petroleum-producing countries are being buoyed by higher global oil prices, the big consumers are taking a hit — especially India, whose energy appetite is growing, its oil minister said at the Vienna OPEC summit Wednesday.

“We are a primary consumer country, our import is very huge… our appetite is growing, and in future we are (a) major consumer,” Dharmendra Pradhan, India’s petroleum and natural gas minister, told CNBC’s Steve Sedgwick.

India is the world’s third-largest oil consumer. The country of 1.3 billion, and its sizable middle class, is rapidly growing and thus seeing its energy needs increase — so the increased oil prices of the last several months have become a serious burden for its economy. Read More

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