The Impact of Macro Economic Variables on Crude Oil Pricing in India from the Years 2000 to 2021

M Preetha and Kaviya Nijaritha Joseph
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M Preetha: Stella Maris College
Kaviya Nijaritha Joseph: Stella Maris College

Shanlax International Journal of Economics, 2023, vol. 11, issue 2, 38-49

Abstract: Crude oil is a necessary commodity for all the economies across the Globe. Demand for it is rising and more so witnessed in developing countries like India. Demand for crude oil has a lot of influential and counter reactive consequences such as increase in oil import, dependence of oil, exchange rate, trade deficit etc. The study examines the current state of crude oil pricing and crude oil imports into India. Annual time series data for the years 2000 to 2021 were used in this study. A variety of data analysis tools have been used with an effort to identify the key factors that influence crude oil prices. The macroeconomic variables considered for the study are foreign exchange rate, inflation, production, imports, consumption, and carbon emissions of crude oil which has greater influence on Oil pricing in India.

Keywords: Foreign Exchange Rate; Imports; Production; Inflation; Consumption; Carbon Emission; Demand; Supply and OPEC (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:acg:journl:v:11:y:2023:i:2:p:38-49

DOI: 10.34293/economics.v11i2.5917

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