ప్రపంచ చమురు సంక్షోభాన్ని భారతదేశం ఇలా ఉపయోగించుకోవాలి||How Should India Exploit Global Oil Crisis?
Over the past few weeks, the global crude oil market has been hit by a severe demand shock due to a halt in economic activity . This has been compounded by a price war between oil-producing nations and lack of storage space as crude production continued while demand for it plunged. Things reached such a stage that companies running oil drills in the hinterland such as in Texas, US, and Canada’s Alberta were actually paying money to get buyers to take away their crude.
Obviously, things will not remain as such forever and the black gold’s price, which has been tumbling for long, will stabilise and eventually creep up as the global economy’s machinery starts humming once again.
The opportunity for India, a consuming nation that imports most of its crude requirements, is immense. Its price basket for crude imports stands at around $20 a barrel now and it can stock up by booking crude in the futures market, saving valuable foreign exchange. The government, which is staring at the possibility of its tax targets being way off the mark given the fact that economic activity is likely to stay challenged, can take advantage of the low prices to bridge the tax collection gap somewhat.
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ప్రపంచ చమురు సంక్షోభాన్ని భారతదేశం ఇలా ఉపయోగించుకోవాలి||How Should India Exploit Global Oil Crisis? Over the past few weeks, the global crude oil market has been hit by a severe demand shock due to a halt in economic activity . This has been compounded by a price war between oil-producing nations and lack of storage space as crude production continued while demand for it plunged. Things reached such a stage that companies running oil drills in the hinterland such as in Texas, US, and Canada’s Alberta were actually paying money to get buyers to take away their crude. Obviously, things will not remain as such forever and the black gold’s price, which has been tumbling for long, will stabilise and eventually creep up as the global economy’s machinery starts humming once again. The opportunity for India, a consuming nation that imports most of its crude requirements, is immense. Its price basket for crude imports stands at around $20 a barrel now and it can stock up by booking crude in the futures market, saving valuable foreign exchange. The government, which is staring at the possibility of its tax targets being way off the mark given the fact that economic activity is likely to stay challenged, can take advantage of the low prices to bridge the tax collection gap somewhat.
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