INDIA's importance in OPEC lowers crude oil prices
INDIA has shown its importance in Asia by limiting crude oil prices for Asia in OPEC. An old agreement of India with Saudi resulted no increase in crude oil prices till march 2021. OPEC (Organisation of the Petroleum Exporting Countries) is an organisation of countries that are major oil expoter in the world. Among all of them Saudi Arabia is the major stake holder in OPEC. Hence, it is a Vito in OPEC that can mold the decision of price hike. There was a time period of around 2012-2014 when Crude oil prices were touching the sky with prices at around $120-140 per barrel in the world. It was a fortune when Narendra Modi 's govt. came in power on 26th of May, 2014. Crude oil prices started falling globally at that time heavily. Then came a global pandemic in early 2020 that shocked the world and crude oil prices touched $20 per barrel or even less. At that time of crisis India supported Saudi Arabia by promising maximum possible purchase of crude oil by f...