Plunge in crude oil prices is credit-negative for Indian upstream companies: ICRA
Plunge in crude oil prices is credit-negative for Indian upstream companies, according to rating agency ICRA.
Saudi Arabia slashed its oil prices over the weekend and pledged to increase production after Russia refused to join the OPEC in a production-cut as the spread of coronavirus continues to slow the global economy and oil demand.
The kingdom plans to raise production to 10 million barrels per day next month from 9.7 million barrels per day currently and could even reach 12 million barrels per day amid serious concerns of demand slowdown.
As a result, oil prices plunged more than 30 per cent in the biggest drop in prices since the Gulf War in 1991.
