Crude oil is a form of mineral oil that is essentially a mixture of naturally originating hydrocarbons. Crude oils are often classified according to their geographical point of origin. They can be of several types, including light volatile oils, non-sticky oils, non-fluid oils and heavy sticky oils. International fluctuations in crude oil prices affect almost every country’s economy in the world and India is no exception to this rule. The country needs to urgently tighten its import bill as far as crude oil imports are concerned. Lower imports will inevitably keep the country’s trade deficit at a manageable level. Hide this