Wednesday, June 13, 2012

India's oil imports hit new record

India’s oil import bill leaped 40 per cent to a record $140 billion in Financial Year 2011-12, Oil Minister S Jaipal Reddy said.
Speaking at the 5th OPEC International Seminar in Vienna, Reddy said it was “estimated that a sustained $10 increase in oil prices lead to a 1.5 per cent reduction in the GDP of developing countries“.

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