India's Strategic Oil Moves Secure Energy Future

India is expanding its oil procurement sources and refining capacity to ensure energy security amidst fluctuating global markets. With imports from 39 countries, including a significant share from Russia, India plans to enhance refining capacity significantly by 2030, safeguarding its growing domestic demand and energy needs.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, declared India's readiness to meet its rising energy demands, emphasizing a robust array of oil sources. Highlighting India's strategic positioning, Puri revealed that the nation has increased its suppliers from 27 to 39, ensuring a diverse oil procurement base.

Puri stated, "We are now buying from 39 sources, compared to 27 previously. The abundance of oil and options enhance our global supply chain security." He downplayed concerns about disruptions, citing a global oil supply exceeding consumption, offering a stable market outlook.

Encouraging diversification strategies have positioned India securely, safeguarding its energy requirements amid a fast-growing economy. Notably, Russian crude comprised 44% of India's imports in July 2024, reflecting a significant increase. Projections indicate a substantial expansion in refining capacity by 2030 to meet burgeoning domestic demand.

(With inputs from agencies.)