The Organization of the Petroleum Exporting Countries (OPEC) defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up.

Tech tycoons said technological advances will explode 10 times faster than the Internet boom in the 1990s.

The tumble in global crude prices has been a big benefit for countries like India, which imports nearly four-fifth of its oil requirement. Apart from lower fuel prices and hence lower inflation, the Indian government's subsidy burden also eases significantly.