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Showing posts with the label Crude oil

Could Cheaper Crude Fuel India’s Economic Reboot? ( Source- The Diplomat, Author- Mohamed Zeeshan)

Image credits- Wikimedia Commons/ Author- Pp391 Source- The Diplomat Author- Mohamed Zeeshan Plummeting global oil prices have generated much discussion over the past few weeks. Oil is an important driver of global geopolitics: Washington hopes sanctions on Moscow’s oil-dependent economy will help the West get its way in Ukraine. In the Middle East, a good part of the battle against the Islamic State revolves around the amount of oil under its control. A few thousand miles away, the South China Sea simmers over oil as much as it does over maritime control. The Organization of Petroleum-Exporting Countries (OPEC) last month voted not to cut output, which suggests that the price free-fall has probably just begun. That’s bad news for oil-dependent economies around the world, from Russia to Algeria. Venezuela’s Foreign Minister Rafael Ramirez, for one, glumly accepted OPEC’s decision as a collective one, after his bid to cut oil output by as much as 2 million barrels per