Asia's troubled emerging markets to shave oil demand next year
Updated : September 28, 2018 01:58 PM IST
Import-reliant economies are already aching under oil prices that have risen above $80 per barrel this week, the most since late 2014.
Analysts warn the inflationary combination of higher oil costs and weakening currencies, including India's rupee, Indonesia's rupiah and the Philippine peso, could cause a global economic slowdown that would also crimp oil demand in those countries.
In India, the world's third-biggest oil importer, refiners are considering the risky move of cutting back crude imports, hoping to use up stocks until prices fall back. The currency's plunge has meant oil prices have risen nearly 50 percent in rupee terms this year.
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