Tag: OPEC

OPEC+ Production Cuts: Response to Market Dynamics or an Ominous Sign of the Times to Come?
Analysis, Featured, Middle East, World

OPEC+ Production Cuts: Response to Market Dynamics or an Ominous Sign of the Times to Come?

Saudi Arabia and Russia have announced a surprise cut in crude oil output, sending shockwaves through the industry and sparking discussions about the potential implications for the global economy.  In a remarkable turn of events, the global oil market is witnessing a significant surge in prices as two major oil-producing nations, Saudi Arabia and Russia, have decided to cut their crude oil output. This unexpected move has sent shockwaves through the industry, causing a substantial rise in oil prices and sparking discussions about the potential implications for the global economy.  This announcement came as a surprise to many, as both countries have traditionally pursued different strategies in the past. While Saudi Arabia has often acted as the swing producer, adjusting its...
India’s Dependence on the Middle East for Oil: Has India found an alternative and what are the options?
Analysis, Featured, National

India’s Dependence on the Middle East for Oil: Has India found an alternative and what are the options?

Multiple studies indicate that India’s oil needs will be more than any other country by 2040Domestic prices of petrol and diesel in India are linked to global fluctuations. 60% of India’s crude oil requirement is fulfilled by Iraq, Iran and Saudi ArabiaAggressive purchase of foreign currency for importing oil leads to devaluation of rupee and ultimately affecting India’s purchasing powerIt will have a cascading effect like depreciation of rupee and will see a big rise in commodity prices leading to inflation.This is where the importance of domestic production, strengthening of indigenous industries and import substitution comes into picture.Alternative energy sources like natural gas and solar power is one way to reduce dependence on imported crude oil. Recently, the US President J...