Question

How does oil import affect our economy​

Answer 1

Answer:

Since oil imports form a large chunk of India's imports, it contributes to the country's trade deficit. Further rise in crude oil will widen the deficit further. 5. Oil price change indirectly impacts the local currency owing to its effects on fiscal deficit and current account deficit.

Answer 2

Answer:

Since 1977, the share of U.S. total petroleum and crude oil imports from OPEC has generally declined. ... Saudi Arabia is also the largest source of U.S. petroleum imports from Persian Gulf countries. About 10% of U.S. total petroleum imports and 12% of U.S. crude oil imports were from Persian Gulf countries in 2020.