India's Strategic Shift: Oil Prices, Domestic Reforms, and a Greener Future
Oil Minister Hardeep Singh Puri discusses India’s oil strategy amid volatile global prices. Predictions indicate prices around USD 65 per barrel, benefiting India's import cost. By expanding exploration, refining capacity, and diversifying import sources, India aims to reduce dependence on imports while boosting domestic production and infrastructure.
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Global oil prices are projected to stabilize at around USD 65 per barrel, a decrease from the previous year, as ample supplies are available, stated Oil Minister Hardeep Singh Puri. For India, the third largest oil importer, lower prices signify reduced spending on imports, offering relief to its economy.
In an address at the CII Annual Business Summit, Puri highlighted India's efforts in increasing domestic oil production. Measures include the opening of over 1 million square kilometers of sedimentary basins for exploration and recording a significant number of bids under the Open Acreage Licensing Policy.
Puri also emphasized the country's ambitions to become a key refining hub and expand its gas infrastructure. With a refining capacity set to rise, policy reforms in exploration, and a focus on biofuels and green hydrogen, India's energy strategy reflects a shift towards a sustainable future.
(With inputs from agencies.)
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