The crude oil outlook released by a couple of organisations in the last few days should be a relief to India. Going by the outlook from the Organisation of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), there shouldn’t be any cause for worry since globally crude oil supply will likely exceed demand, at least until the next year-end.
This outlook should be music to the ears of Finance Minister Nirmala Sitharaman and her officials as they strain every sinew to control the budget deficit. However, going by the same outlook, there are some causes for worry too, which also reiterates what has been happening during the last few months in the country.
The bad news first. While stating that crude oil supply exceeded demand by 0.9 million barrels a day (mbd) during January – June this year, the IEA has said that growth in India was affected in April and May due to slowdown in LPG deliveries and weakness in the aviation sector. Read More
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