Opec’s output cut to have muted impact

Times of India | Dec 7, 2019 at 4:10 AM
  • This can put the global oil market back to Square One and once again drive prices down towards $50 per barrel-mark.
  • So any increase in global oil prices makes fuel costlier for consumers and squeezes the government’s ability to spend on social and infrastructure schemes — key ingredients for reviving economic growth.
  • A $10 increase in global crude oil prices shaves off India’s GDP by up to 30 basis points (one basis point equals one hundredth of a percentage point).