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Keywords

Crude Oil Prices, impact, causes, GDP, OPEC, global economy

Abstract

The crude oil is the major raw material for oil product production in the globalization era. Changes of price will affect country’s economic growth and development. The aim of the study is to examine the Crude Oil Price changes and its impact on the Indian GDP in the recent scenario. To do the same, the study has applied secondary data, statistical tools like chart, the table, graph, correlation and descriptive analysis to show the changes of crude oil price and country’s GDP during the study period. The study reveals that the annual percentage price of crude oil has been increased or decreased positively and negatively but the India’s GDP seems to move forward constantly between 5% to 8% over the study period and the Correlation test conformed that the percentage of crude oil price and percentage change of GDP has moderate positive correlation. OPEC is widely seen as the most influential player in oil price fluctuations in the during the study periods.

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