{"id":341176,"date":"2020-03-11T10:43:23","date_gmt":"2020-03-11T05:13:23","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=341176"},"modified":"2020-03-11T10:43:23","modified_gmt":"2020-03-11T05:13:23","slug":"opinion-how-the-country-should-make-the-most-of-a-second-oil-windfall","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/opinion-how-the-country-should-make-the-most-of-a-second-oil-windfall\/","title":{"rendered":"Opinion | How the country should make the most of a second oil windfall"},"content":{"rendered":"<p>The world woke up on Sunday to news of a lockdown in Milan, Italy, and New York declaring a state of emergency. Covid-19 infections in India are slowly on the rise. However, by the time it burns itself out, India may emerge stronger. India\u2019s silver lining came in the form of a failure of the Organization of the Petroleum Exporting Countries (Opec) and Russia to reach an agreement on oil production cuts, possibly signalling the end of a nearly five decade-long intervention by oil producers in the international market.<\/p>\n<p>Russia declined to cut its oil supply with an intention to compete with the US shale industry, and, consequently, a price war has started as Saudi Arabia plans a big increase in its oil supply. Saudi Arabia, which is the world\u2019s largest oil exporter, has started offering unprecedented discounts in Europe, the Far East and the US to increase its supplies at the cost of other oil producers. An immediate fallout of the Russia-Opec meeting was a 9% fall in oil prices on Friday. Monday saw a sharper drop.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world woke up on Sunday to news of a lockdown in Milan, Italy, and New York declaring a state of emergency. Covid-19 infections in India are slowly on the rise. However, by the time it burns itself out, India may emerge stronger. India\u2019s silver lining came in the form of a failure of the Organization of the Petroleum Exporting Countries (Opec) and Russia to reach an agreement on oil production cuts, possibly signalling the end of a nearly five decade-long intervention by oil producers in the international market. Russia declined to cut its oil supply with an intention to [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-341176","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/341176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=341176"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/341176\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=341176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=341176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=341176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}