December 25, 2015

Strategic Oil Reserves of India

Currently, India depends on imports for more than 80% of its crude oil needs. Most of these imports come from Middle East. The demand for crude oil is unlikely to go down in near future. Further, since India is also…

November 6, 2015

How Crude Oil is priced?

The collapse of the OPEC administered pricing system in 1986-1988 ushered in a new era in oil pricing in which the power to set oil prices shifted from OPEC to the so called "market". This system was first adopted by…

November 6, 2015

Crude Oil Pricing in pre-OPEC Era

The world oil prices were first administered by the large multinational oil companies in the 1950s and 1960s in the name of a 1927 Red Line agreement and one more such agreement.  At that time, the international oil industry outside…