Lower-for-longer oil prices may help grow the economies of nations, such as India, which are net importers and commodity-driven.
Oil prices remain a cause for concern for the world’s politicians, policymakers, economists, investors, and experts, as the leaders from OPEC prepare for a policy meeting in Vienna on May 25. This is particularly true of leaders in Asia, but in some cases, many Asian nations stand to benefit from lower prices.
Considering Asia’s scenario, net oil importers like China and Japan should benefit from lower oil prices as a result of cheaper input and fuel costs. Energy-hungry India, which imports more than 80% of crude oil for its domestic needs, stands to benefit significantly. The other probable gainers include South Korea, and Thailand.