India has been lucky on the energy front since late 2014 when global prices declined drastically. Geopolitics could have an adverse effect on that situation. Crude oil prices were trending around $106 a barrel for the Indian oil basket (a weighted average of Oman, Dubai and Brent) when the Bharatiya Janata Party (BJP) took office in May 2014. Prices started falling in September 2014 and continued falling until a low of $28 in January 2016. Since then, there have been several rallies, which have usually aborted at a ceiling of $54-55. The Indian basket is currently priced at $46-47. Coal
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