Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has assured that there is an ample supply of crude oil globally, despite the unregulated nature of international trade. He emphasized India’s strong position in refining capacity, highlighting the country’s ability to source alternatives if any supply disruptions occur. India ranks fourth in global refining and exported over USD 45 billion in refined products last fiscal year. The country imports crude from 40 nations and is working to enhance its export competitiveness by integrating more with petrochemicals. Puri noted that India’s crude consumption might soon rise to six million barrels per day, even as global refinery closures are expected. The expanding refining capacity is crucial to India’s goal of achieving a USD 10 trillion economy, with plans to support neighboring countries with future supplies.
How is India Navigating Global Energy Supply Volatility?
