Crude oil importers like India, Thailand will be most affected by Ukraine crisis: S&P

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new Delhi . Among the Asia-Pacific countries, major importers of crude oil like India and Thailand will be most affected by the Russo-Ukraine war. S&P Global Ratings said this on Wednesday. The SSDI estimates that the Indian economy will grow at 7.8 percent in the next fiscal year 2022-23. The growth rate of the economy is estimated to be 6 percent in 2023-24 and 6.5 percent in 2024-25.

S&P has forecast inflation at 5.4 per cent for the current fiscal. The rating agency said that banks in the Asia-Pacific region have very little investment in Russia. Due to this the effect of war on them is likely to be limited. However, several other risks are associated with this condition.

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Emerging economies most affected
The S&P report said, “The greatest risk of the Ukraine dispute is market volatility and high commodity prices. Emerging economies, the major importers of energy, will be most affected by this.

India a big importer of oil
India meets 85 percent of its crude oil requirement through imports. In such a situation, the rise in crude oil prices will have the biggest impact on India in Asia. After Russia’s attack on Ukraine on February 24 last week, crude oil prices have reached $140 a barrel. However, after that the prices have come down and now crude oil has come down to $100 per barrel.

Tags: Crude oil, Crude oil prices, Petrol and diesel, Russia ukraine war

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