India's strategy for decreased cost of crude oil

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Oil

World's largest democracy India is full of abundant resources but still depends on Arab Nations for its crude oil needs. Since decades Saudi and Iran remain as the prominent suppliers of crude oil for India.


The recent crude oil crisis in Saudi that caused the prominent dip in the price reaching even the negative levels in the pricing has led the confusion of the future of crude oil and impact of crude oil in the global markets. This clearly shows the impact of demand market in any resources. The only people that can take advantage from the sinking rates are the buyers and citizens. Any business minded person can think analyse to store the crude oil in such market position where the price of barrel is $0.

In such a situation each Nation must plan to store an adequate amount of crude oil for future usage. Being an underdeveloped Nation India should have taken necessary steps utilizing the once in a lifetime chance of crude oil. At such moments when the crude oil prices are down to earth, Indian government instead of decreasing the price instead added more tax and burnt the hole in the citizens pocket.


Since the world is reeling under this pandemic, Nations must make strategy to overcome the loss occurred and to revive the economy. The only way they can do this is by proper planning and utilizing the proper  opportunities that can be useful for both the nation and its citizens.


Author : Aasem Khan

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