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Market rout: India should take advantage of falling crude oil prices

Easy liquidity available earlier is drying up, debt is piling up, debt repayments are due and a lot of investors are looking for profitability and not just production growth.

Aditya Gandhi 

Aditya Gandhi

In late 2014, Saudi Arabia blocked calls from the Organization of the Petroleum Exporting Countries (Opec) to reduce production. Since the shale revolution and idea of oil being displaced by electric vehicles, people were worried that 'peak oil' was being replaced by 'peak use for oil' theory, and therefore Saudi Arabia did not want to give up market share by lowering production.

Instead, they wanted to let the markets rebalance. They were also hoping that the rebalancing will reduce prices, making shale production unsustainable, and make them kings of the oil world ...

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First Published: Mon, March 09 2020. 23:50 IST
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