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India's oil import bill may halve if current crude price holds

India's oil import bill may halve if current crude price holds

Monday, March 9, 2020, 3:58 PM

At least in the oil sector, the global health emergency posed by the spread of the novel Coronavirus and Saudi Arabia declaring a price war, is coming to India's advantage. Crude production in India has stagnated around 35 mt for past decade. In FY19, domestic crude production has dropped to 34.2 mt from 35.7 mt in the previous year.
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