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article imageIndia among countries most affected by rising oil prices

By Tucker Cummings     Feb 28, 2012 in World
India buys 75 percent of its oil from foreign sources, prompting experts to declare it one of the countries hardest hit by rising oil prices.
Morgan Stanley ranks India and Turkey as the two countries most negatively affected by the looming oil crisis.
“Oil prices are already approaching levels where worries have arisen in the past,” argues economist Larry Hatheway. “For oil-consuming countries, rising prices will begin to crimp purchasing power.”
CNN reports the price of a barrel of oil has risen to $109.77, a price not seen since May 2008.
Complicating matters for are the possible sanctions that may affect Iranian oil being shipped to India. Many Indian shipping firms have EU insurance, which would prohibit them from carrying Iranian oil when EU sanctions take effect this July. Iran currently supplies much of India's oil, second only to Saudi Arabia.
According to the U.S. Department of State, India is home to 1.17 billion people and has the world's 12th-largest economy. Services and transportation in India make up 54.8% of GDP.
More about India, Oil, Turkey, Iran, Gas prices
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