Economics Case Studies, Economic Crisis Case Studies

Code :ECC0060

Year : 2020

Industry :-

Region : India

Teaching Note:Available

Structured Assignment : Not Available

INTRODUCTION:

In a report published in January 2019, Wood Mackenzie, a global research and consultancy group, commented that with a consumption of 245,000 barrels per day (bpd), India’s crude oil demand was 14 per cent of the global demand, the second highest demand globally behind the US and ahead of China.

In August 2018, the Organization for Petroleum Exporting Countries (OPEC ) projected that India’s oil demand would rise by 5.8 million bpd by 2040, accounting for about 40% of the overall increase in global demand during the period. Analysts were of the opinion that the crude oil market in India, at times, showed a positive relationship between the market price and quantity consumed, defying the law of demand where there was a definite inverse relationship between the market price of a product and the quantity demanded of that product, other factors held constant. Moreover, the change in quantity demanded of oil in the market was not uniform with the change in price. In addition, there were factors other than price like increased incomes and the availability of cost effective substitutes that influenced the demand for oil.

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