Last Saturday, as simultaneous explosions went off at Aramco’s Khurais oilfield and Abqaiq processing facility in Saudi Arabia, an all-too-familiar sense of dread swept over Indian markets and consumers. At the pump the spectre of rising oil prices came back to haunt people while RBI governor Shaktikanta Das told CNBC-TV18 that India’s current account and fiscal deficit could take a hit if oil prices continued to rise.
Just how long will India allow itself to be held hostage by the global oil mafia?
That 10 automated drones could disrupt 5% of the global oil supply is a cautionary note on their destructive powers but is also about how oil continues to be the lynchpin around which global business revolves. In the immediate aftermath of the attack, US oil futures spiked 14.7%, the biggest spike in the last 10 years.
