India imports around 20crore tonnes of crude oil a year - costing $145 billion a year, or more than a third of its total import bill. With every dollar decrease in oil prices, the government's oil import bill comes down by Rs. 4,000 crore.
Noe present level is at $52-53 a barrel,a steep fall from $115 in june-2014.
United States and Canada in order to reduce their over dependence on imported oil started exploring other alternatives such as shale gas. Shale usage in US and Canada coupled with the weakening of economies in Asia and Europe led to a sudden fall in oil demand.
Noe present level is at $52-53 a barrel,a steep fall from $115 in june-2014.
United States and Canada in order to reduce their over dependence on imported oil started exploring other alternatives such as shale gas. Shale usage in US and Canada coupled with the weakening of economies in Asia and Europe led to a sudden fall in oil demand.
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