- Jan 19, 2023, 4:00 PM CST
India currently imports around 85 percent of its crude oil demand, a figure that it considers far too high and so is attempting to boost its domestic exploration and production. With diversified imports and the fourth-largest refining industry in the world, India’s influence in the oil product sector will only increase going forward.India is expecting big investments in its oil and gas sector this year, with international oil majors such as Chevron, Exxon, and TotalEnergies showing interest. This follows the diversification of its oil imports in 2022, which helped India to boost its low-cost crude supplies to be refined across the country.
India continues to be the world’s third-largest oil consumer, and with a population of over 1.4 billion – and climbing – its oil demand is expected to continue rising. The Indian government has made the country a favorable space for investment from foreign companies, welcoming FDI into its oil industry to spur growth.
Shifting its focus to Russia and the U.S. for its oil imports allowed India to reduce its reliance on OPEC-controlled Middle Eastern oil, which made up around 60 percent of its crude imports before the Russian invasion of Ukraine. Sumit Ritolia, a refinery economics analyst at S&P Global,of this shift: “Indian refiners have continued to diversify their crude sources, especially after the OPEC+ cut, with a share of Russian crude staying at around 20%–25% of Indian crude imports.
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