INSUBCONTINENT EXCLUSIVE:
India, which is heavily dependent on Middle Eastern oil, is looking on with increasing apprehension as the US and Iran flirt with war.The
sourced from the conflict-prone region
A major war in the Middle East threatens to push up consumer prices, widen the nation's external deficits, and potentially derail Prime
Minister Narendra Modi's bid to revive flagging economic growth.Every $10 increase in the price of a barrel of crude widens country's
in mid-June as attacks on tankers near the Persian Gulf and Iran's downing of a US drone pushed the two countries to the brink of war
India's 39.1 million barrels of emergency crude reserves are only capable of meeting its needs for 9.5 days
is trying to address the problem, and is planning to add two new reserves with a combined capacity of 47.6 million barrels.India's navy
deployed two ships to the Persian Gulf to provide security to Indian-flagged vessels last week, while the nation's oil minister has
reached out to Saudi Arabia and the OPEC+ coalition to ensure they work to maintain crude prices at reasonable levels.Once the
India is also struggling with high unemployment and problems with its shadow banking system.Get Breaking news, live coverage, and Latest
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