The price of Indian oil has been steadily rising for more than a year now.
The market is expected to open around the same time as global oil prices in June, the first time it has done so since late December, when the Saudi-led coalition launched a devastating bombing campaign on Yemen.
This has led to a rise in the price of oil, as the country’s main export has been displaced by cheap imports from the Middle East.
In December last year, India’s benchmark benchmark Oil Price Index rose by almost 8% to around $75 per barrel.
This was driven by an increase in demand for the domestic product.
The country’s benchmark rupee also hit a record high of over 60 against the dollar in September.
In October, India was ranked second only to the United States as the world’s largest oil exporter by market cap, a position it has held since June this year.
India’s oil demand has also been a major driver of economic growth and a key factor in the country having the highest GDP growth rate in the world, according to the International Monetary Fund.
Oil is India’s second-largest export after iron ore and is a major source of foreign currency.
According to the World Bank, India is the second-biggest producer of steel after China.
While India is an energy-dependent country, its economy is also dependent on energy imports from neighbouring countries like Pakistan, Bangladesh, Myanmar, and Iraq.
The impact of the oil price hike will have a huge impact on Indian consumers and businesses.
In recent years, the country has been grappling with rising costs for petrol and diesel.
The price of petrol has increased by nearly 8% in the past five years, according the Oil Ministry.
According a survey by the Indian Oil and Gas Regulatory Authority, this has led India to the second lowest fuel prices in the OECD, behind only Singapore.
A recent report by the World Economic Forum (WEF) said that Indian consumers are facing higher petrol prices in addition to rising fuel and diesel prices.
While prices have also been rising for other imported products like wheat and sugar, it is the Indian oil that has been the main driver of these prices.
In India, most of the imports come from Russia, the United Arab Emirates, and Saudi Arabia.
India imports around two-thirds of its oil and two-fifths of its gas from the Gulf Cooperation Council (GCC) countries.
In 2017, India imported nearly 70% of its petroleum from GCC countries, according TOI.
The country’s trade deficit with China was Rs1,764 crore ($15.5 billion), followed by the US and Saudi with Rs2,065 crore and Rs1.3 trillion respectively.
India has also suffered from a significant slowdown in the global economy, which has seen its economy shrink by over 5% in 2015, according Bloomberg.
The slowdown has been exacerbated by the war in Yemen, which resulted in a global economic shock that is expected in the next few years.
Indian exports to China have been growing at around 6% per annum since 2011, and have now surpassed US exports.
In 2017, imports from China jumped to $2.8 trillion, the most since 2011.
In 2016, imports rose to $1.4 trillion.
With a sharp increase in imports, India has also seen a decline in exports to the rest of the world.
China, on the other hand, is expected increase its imports to India by as much as 40% by the end of the decade, according a recent report.
There is a growing consensus that the country will not be able to keep pace with the global economic growth in the future.
Since 2020, the Indian economy has grown by 8.5%, according to Moody’s Analytics.
The outlook for Indian exports is set to be significantly lower than its imports.
In 2019, India had an annualized growth rate of 3.2%, according TO IIT-Delhi.
India’s growth in imports is set for an average of 2.4% annually over the next five years.
In 2018, India imports about 10% of GDP, but exports about 35% of it, according Global Times.