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Energy security

Rare crude for less, a fat coffer: what a benign oil gets India. Spoiler: OPEC may wield its clout.

Rare crude for less, a fat coffer: what a benign oil gets India. Spoiler: OPEC may wield its clout.
Rare crude for less, a fat coffer: what a benign oil gets India. Spoiler: OPEC may wield its clout.
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Concept by Muhabit ul haq

Synopsis

A tepid global oil demand and low prices have proved to be a boon for India’s current account. But OPEC in a meeting on December 1 may decide to cut output in a bid to swing prices in its favour. Focusing on building renewable infrastructure and gradually reducing dependence on crude import could be the way forward for India.

This could send a reassuring message to finance minister Nirmala Sitharaman, petroleum minister Dharmendra Pradhan, and the government coffers they manage. International crude prices may be set for further easing, with the Covid-19-induced slowdown keeping a tight leash on global oil demand. Although hopes of an early Covid-19 vaccine has fuelled optimism about a possible bounce-back in global economy, the International Energy Agency (IEA) in
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