Crude oil: Price falling Less than a dollar

The price war on crude oil had been going on for a long time between Russia and OPEC.

The Saudis who led OPEC wanted it to be universally accepted over the determination of the price of crude oil, which was a dispute with Russia.

Saudi increased the production of crude oil too fast to break the Russian market, which resulted in the international crude oil price falling sharply, for which the move is more suicidal? This can be understood from statistics. Russia's dependence on crude oil and natural gases is 18 percent of GDP, while Saudi's dependency is 50 percent, although the percentage of its exports is 70 percent of both countries' exports to their GDP. But we leave the debate on this and understand its impact in India's economy. Experts believe that India benefited greatly from the low price of crude oil, it bought crude oil cheaper but did not give special relief to the public, due to which the fiscal deficit of India started to be replenished. Now if the international market for crude oil grows, India is almost certain to reduce its fiscal deficit - and since Russia and Saudi have reached an agreement to control the falling price. So they will reduce the production of crude oil which is sure to increase the prices. But on the other hand, in view of these conditions, China has filled its oil storage by purchasing a record of crude oil, so if the price of oil in the international market rises immediately, it will not make a big difference to its economy but in front of India Corona will be very difficult to overcome this problem. Therefore, if the media of our country debates this aspect, and makes the country aware and alerts the government, how much better would it be?