By Geo Jos Fernandez
The author is Assistant Professor, College of Management & Economic Studies, UPES, Dehradun.
Fluctuation in demand supply equilibrium and inaction of OPEC countries is affecting global oil prices though India’s under-recovery refineries are benefitting from the fall in crude oil price.
Currently the oil market sentiment is depressive, as the world economy has seen a decline of crude oil prices by 75 per cent (Investing, 2016) and has settled at 29.42 USD in The New York Mercantile Exchange (NYMEX) for the first time in 12 years (Puko, & Kantchev, 2016). This means that the crude prices have dropped lower than during the financial crisis in 2008-2009. Basically the decline in crude prices can be narrowed down to a simple demand supply...