As the oil market anxiously awaits OPEC’s
decision next week, some of the countries hardest hit by the biggest price
crash in a generation may have found a lifeline outside of the group. India,
the world’s fastest growing crude consumer whose appetite for fossil fuels is
forecast to surge in the next two decades, will likely decide next month on
whether to advance $15 billion to Nigeria for future supplies. Essar Oil Ltd.,
operator of India’s second-biggest refinery, has struck a $13 billion deal
which may lead to the plant processing more oil from Venezuela. More…
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