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How Will The Drop In Crude Oil Prices Impact Global Markets And Stocks? Gaurang Shah highlights India's heavy reliance on energy imports, which significantly impacts the country's account deficit. He believes that major global powers should consider the effects of the ongoing Middle East crisis, as the region is the world's second-largest oil producer. Gaurang Shah advises close monitoring of developments in the Middle East, noting that while it may slightly reduce India's deficit, it could pose challenges for oil marketing companies (OMCs). Watch his full take for more insights.