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Govt must be prepared to face oil price risks

A prolonged war and the possibility of a recession in a number of large economies have made crude oil prices more unpredictable than usual. Consider this: One of the largest US-based financial institutions believes that crude oil prices may drop to $65 per barrel in case of a recession. According to another large financial institution, oil prices can go up to $380 per barrel. Both these forecasts will result in vastly different outcomes for both the global and the Indian economy. Former Russian president Dmitry Medvedev has said capping the price of oil from his country can actually push up