You are here: Home » Economy & Policy » News
Business Standard

Deep Dive with AKB - Oil's great slide: What this means for India

So what has happened lately to cause such a massive drop? How bad is the global outlook? And what does all this mean for India, which is a major importer of petroleum products? Let's take a Deep Dive

Topics
Crude Oil Price | Coronavirus | Oil price

Khalid Anzar  |  New Delhi 

The oil market recently saw something that it had never seen before. For the first time in history, the prices slid to less than zero on 20th April. Because of a supply glut in the wake of the global crisis, and a demand slump, US crude oil futures collapsed to less than $38 per barrel. Desperate traders were paying to get rid of oil. So much so that President Donald Trump had to intervene and announce that the US would add 75 million barrels to its strategic petroleum reserves. The Organization of the Petroleum Exporting Countries (OPEC), also stepped in along Russia and other allies, and announced a cut in production.

The shock of the “negative oil prices” was felt across the world, with stock markets globally reacting negatively to the development.

For perspective, it should be noted that crude oil prices hovered around $100 a barrel in international markets between 2010 and 2014, even going as high up as $128 in 2012. Even at the start of this year, they were close to $67 per barrel.

So what has happened lately to cause such a massive drop? How bad is the global outlook? And what does all this mean for India, which is a major importer of petroleum products?

Let’s take a Deep Dive With AKB to understand.

MONTHLY STAR

Business Standard Digital

Business Standard Digital Monthly Subscription
149.00  
subscribe
Complete access to the premium product
Convenient - Pay as you go
Pay using Master/Visa Credit Card & ICICI VISA Debit Card
Auto renewed (subject to your card issuer's permission)
Cancel any time in the future
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART MONTHLY

Business Standard Digital

Business Standard Digital - 12 Months
1499.00
subscribe
Get 12 months of Business Standard digital access
Single Seamless Sign-up to Business Standard Digital
Convenient - Once a year payment
Pay using an instrument of your choice - Credit/Debit Cards, Net Banking, Payment Wallets accepted
Exclusive Invite to select Business Standard events

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • This product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the mail with the request to assist@bsmail.in. Include your contact number for easy reference. Requests mailed to any other ID will not be acknowledged or actioned upon.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, April 24 2020. 13:52 IST
RECOMMENDED FOR YOU
.