Crude Import Costs Rise Nearly 30% In September; CEA Nageswaran Warns Of Oil Price Reversal

Chief Economic Adviser Dr V. Anantha Nageswaran flags rising crude prices and changing global trade dynamics at the 13th SBI Banking & Economics Conclave 2026. He says India’s imported crude basket rose to $114 in September, nearly 30% higher than August, reversing the relief seen in July and August. Nageswaran also highlights export controls on chips, tools and minerals, along with rising demand for AI-related goods. He says AI hyperscalers are currently driving global trade growth through Asia, but a moderation in hyperscaler growth could eventually slow global trade volumes as chip demand weakens.