co-presented by
ASSOCIATE SPONSORS
co-presented by
ASSOCIATE SPONSORS
India is a net importer of crude oil, with over 40 percent of its supplies sourced from Middle East nations such as Iraq, Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. These countries export crude oil and LNG to India through the Strait of Hormuz route.
Experts believe prices would remain bearish in the short term and might further collapse as the oil market witnesses rising supply from producing nations including OPEC+.
The benefits to the Indian economy from fall in crude oil prices will be "limited" this year and domestic reforms and developments will gain focus, a report said. "Low crude prices have been of great help to a net oil importer like India.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent in early trade, while Japan's Nikkei stock average was up 0.4 percent ahead of a Japanese holiday on Tuesday.
Brent prices slipped in volatile trading on Tuesday, giving up early gains after news that Royal Dutch Shell lifted a force majeure on its Nigerian Bonny Light production.
Crude oil price is on upswing after Organization of the Petroleum Exporting Countries (OPEC) kept output quotas unchanged. Back in the home turf, PSU oil companies have been losing significantly on the bourses. The benchmark Sensitive Index lost 0.3% in the morning trade.
