INTERNATIONAL/ECONOMY

Topic: General Studies 2:

Oil in Post COVID-19 world 

With COVID-19 pandemic spreading to nearly 180 countries and impacting the global economy by bringing it to near standstill combined with the recent oil-market meltdown can bring changes in Oil Sector post the crisis 

Let us have a look at possible changes and what India should do to prepare for an uncertain & contingent future 

Do You Know? 

Why has Oil Prices reduced? 

The reason is two-fold. 

Three consequences now hang over the petroleum market. 

1. Budgetary crisis in major oil-exporting country

2. The international oil industry will be reconfigured

3. Impact on India:  

 4. Behaviours will shift that will deepen uncertainties.

Steps that India should take to tackle the post-COVID petroleum order 

Connecting the dots 

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