Decline in Global Oil Prices - Suman Chowdhury, President Ratings - Acuité Ratings & Research Limited

"The sharp decline in the global oil prices not only reflects the deep underlying concerns on a global economic disruption brought about by the Corona Virus scare but also a lack of consensus among the OPEC nations regarding production cuts. This will benefit India since it is one of the largest importers of crude oil; we estimate the savings on oil imports to be around USD 30 billion in FY21 if there is no significant uptick in global demand. This will also arrest the rising inflation and facilitate the next round of rate cuts by RBI."

Source : Equity Bulls

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