
Crude Oil Prices Drop: Good News for India!
Falling crude oil prices are a blessing for India, which imports around 85% of its oil. Industries like paint, that depend on crude, will see lower costs and better profits. Recently, crude prices dropped nearly 4% after OPEC+ announced a production increase of 411,000 barrels per day starting in June. This production boost aims to penalize those exceeding their quotas and could lead to a surplus by November. Despite concerns about a slowing global economy, this decrease in oil prices can lead to more affordable products for consumers in India.