Oil price crash could help India's economy but will hurt country's OMCs

If the prices of oil threaten to remain at such low levels, both government-run ONGC and Oil India as well as private sector RIL-BP or Vedanta could find it extremely unprofitable to dig more fields

Before estimating the possible bonanza for the Indian economy from the massive drop in oil prices, check this out. In late February, the Economist Intelligence Unit (EIU) issued a report about the top five global risks for 2020. The first of those was a possible escalation in global oil prices to about $90 dollars a barrel: “The Economist Intelligence Unit estimates that there is a 25 per cent chance that the US and Iran will be dragged into a direct, conventional war, which would have devastating consequences for the global economy... a prolonged disruption to oil supplies could cause oil