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 filling its own strategic oil reserves, oil refineries and also requested US to provide space for crude oil reserves that helped OPEC to stay stable crude oil prices through. 

Saudi diplomats appreciated that step of India and depicted India as a true friend of Saudi Arab. Also major media houses of the world globally covered that news of India supporting Saudi. Highlighted 'G-20 backs output cut deal as India, Saudi pitch for stable oil market' was flourishing all over popular media sources. Some diplomats called the world could have enjoyed OPEC's losses but India saved them. 

This is the result of recent lower prices of crude oil for Asia because of supportive step by India towards OPEC during recession of 2020.