India seeks to trim crude import dependence
But ambitious government production targets cannot reverse years of underinvestment and mismanagement
India has been one of the fastest-growing major economies over the last ten years, and this trend is likely to continue. Its expanding economy is also highly dependent on imported crude. In the financial year ending 31 March 2022, the country imported 85.6pc of its crude. that import dependence makes India especially vulnerable to international price shocks. Conversely, even a 1pc reduction in import volumes—through, for example, domestic substitution—would save India $1.406bn, based on volume and prices over the last 12 months. Declining crude production India is not endowed with huge oil reserves but has also not been able to effectively tap the resources it does have or make new discoveri

Also in this section
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand