Oil & Gas Sector

Coivd-19 pandemic has adversely impacted the demand for oil & gas. Moreover, the oil producing countries could not reach to an amicable timely settlement to cut production. These developments resulted in crude price tumbling to levels not seen in decades. At the beginning of this year, the Brent price was $66 for a barrel, which came down by 58 per cent to $28 per barrel on April 17. For West Texas Intermediate (WTI) the price decline was 70 per cent to $18 from $61, and for OPEC Basket, the decline was by 73 per cent to $18 from $67 a barrel, in the same period. Let us see how did it impact India and the world.