NEW DELHI, March 13 -- Crude oil crashed more than 30% on Monday, 9 March, in the sharpest plunge since the 1991 Gulf War after the collapse of the Opec+ alliance talks triggered a bloody price war, with both Russia and Saudi Arabia set to flood the market with cheap oil.
Indian markets followed the global equities meltdown. While shares of most domestic oil marketing companies (OMCs) rose, oil and gas explorers saw a severe sell-off. The fall in crude oil prices has placed major consumers such as India at an advantage. India is the world's third-largest crude oil buyer and the fourth-largest liquefied natural gas importer.
"Every $10 fall in crude price helps India save $15 billion of external payment or 0.5% of GDP (gross domestic produ...