I paid for Abdallah Salem el-Badri's business lunch with Ali al-Naimi

Few key points about the world oil market:

• Worlds Crude Oil production is nearly 85 million barrels a day
• Worlds Crude Oil Consumption is nearly 87 million barrels a day
• India consumption is 2,450,000 barrels a day
• 70% of this is imported
• When last reported Oil Bonds for Indian Oil-Companies were touching 200,000 crores rupees. (ie Rs 200000000000000)
• The debt of the India government was over Rs 2,45,000 crores due to explicit & implicit subsidies
• This subsidies are actually comprised by the taxes that many Indians (myself included) have grudgingly paid from their salaries & other forms of indirect taxation
• Indian Oil companies buy oil at the high rates & the Oil-Exporting countries make the windfall
• Abdallah Salem el-Badri is the current General Secratary of OPEC the world's oil-producers cartel
• Ali al-Naimi is the Saudi Arabian Minister of Petroleum & Mineral Resources. He was the previous GS of OPEC

Ok i guess you have got the drift.
Few points about this post.

• The topic was my frugal attempt to sensationalize
  
• I would not go into the controversy that the fuel prices in India are already high from the taxation
• I really wish public transport is immensely bettered (time, comfort, regularity, frequency)