Altaf Azam The writer is a post-grad student at Centre for West Asian Studies, Jamia Millia Islamia, New Delhi I. Introduction When cities around the world are experiencing an eerie desolation induced by state-imposed lockdowns, there is a frantic slump prevailing in the global oil markets. On Monday, the 20th of April, 2020, an empty barrel of crude oil was worth much more than a barrel full, as Oil traded at a historic low of -37 $ a barrel at the WTI. However, from India’s perspective, the majority of its crude basket represents oil from Oman/ Dubai axis which is based on Brent crude benchmark prices, which too sank to a two-decade low of just under 16 $ a barrel, but well above the WTI [i] . A historic low in oil prices is nothing short of a celebration for the 3rd largest consumer of Oil with over 80% reliance on oil imports for its petroleum needs [ii] . However, the grou...
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