 "crude oil")
Crude oil prices have been surging again because of geopolitical tensions and lower than expected production from some of the world’s largest suppliers.
Oil demand in India took a hit during the pandemic. It is expected to have returned to the pre-pandemic levels of 4.84 million barrels per day in 2021. This is expected to rise to 5.23 million barrels per day in 2022 (chart 1). A surge in prices during the recovery has significant implications since India imports more than 85 per cent of its crude requirement.
The Organisation of the Petroleum Exporting Countries (OPEC) has been slower to
