Crude Oil Price Chart India Last 10 Years
Introduction
Crude oil is an essential commodity for any economy, and India is no exception. India is one of the largest consumers of crude oil in the world, and the price of crude oil has a significant impact on the Indian economy. In this article, we will explore the crude oil price chart in India over the last 10 years.
2009-2011
In 2009, the crude oil price was around $70 per barrel, which increased to $110 per barrel in 2011 due to the political unrest in the Middle East. This led to a significant increase in the price of petrol and diesel in India, causing inflation.
2012-2014
The crude oil price remained stable around $100 per barrel from 2012 to mid-2014. However, in mid-2014, the price of crude oil started plummeting due to oversupply in the market, and by the end of 2014, it fell below $60 per barrel.
2015-2017
The crude oil price continued to drop in 2015 and hit a low of $27 per barrel in early 2016. This was due to the oversupply in the market, coupled with a slowdown in the Chinese economy. However, the price started recovering in mid-2016 and reached around $60 per barrel by the end of 2017.
2018-2020
The crude oil price continued to rise in 2018 and peaked at around $80 per barrel in October 2018. However, it started declining in November 2018 and fell below $50 per barrel by the end of 2018. In 2019, the price remained relatively stable around $60 per barrel. However, in 2020, due to the COVID-19 pandemic, the price of crude oil plummeted to around $20 per barrel in April 2020, which was the lowest in two decades.
Impact on the Indian Economy
The price of crude oil has a significant impact on the Indian economy. India imports more than 80% of its crude oil requirements, and any increase in the price of crude oil leads to an increase in the import bill, which puts pressure on the current account deficit. Moreover, any increase in the price of petrol and diesel has a cascading effect on the prices of other goods and services, leading to inflation.
Conclusion
The crude oil price chart in India over the last 10 years has been volatile, with highs and lows due to various factors such as political unrest, oversupply, and the COVID-19 pandemic. The impact of the crude oil price on the Indian economy cannot be overstated, and any increase or decrease in the price has significant implications for the country's growth and development.
