Major disruption in crude production is unlikely to continue going forward as "we still see significant incremental supply opportunities out of Russia, other countries in the Middle-East", said James Sullivan, head of Asia Ex-Japan Equity Research and head of APAC Telecom Research, JPMorgan.

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Sullivan added that a new underdevelopment oil field in Argentina will also add to the supply and impact the global economy positively.

"On the supply side, there is upside... there are structural challenges to global growth given some of the realignment in the political side of things, which will drag demand and therefore the crude outlook remains neutral," said Sullivan in an interview with CNBC-TV18.

According to him, India will remain a positive story over the next 10 to 30 years. "India should be one of the major beneficiaries of the global supply chain reorganisation that requires changes in government policy that requires significant investments."

When asked about the slowdown in India, he said, “It is not just an India story, this is in an environment where we are structurally reducing global productivity by moving supply chains around. We are creating a less efficient global economy. We are reducing overall global trade flows, which again reduces global growth rates and that is an important backdrop to the Indian economy.”

Sullivan expects rate cuts in every single meeting from now till the year-end by the US Federal Reserve. “The good thing about that is it gives emerging market (EM) central banks including India significantly more scope to continue to loosen monetary policy, continue to try and provide credit as a driver of growth to this domestic economies."