OIL & GAS

India continues to widen its global supplier base to ensure oil security

India is gradually reducing its dependence on the oil-rich sheikhdoms of the Middle East and the member countries of the Organisation of Petroleum Exporting Countries (OPEC) for its crude supplies.

In a written reply, Rameswar Teli, the Minister of State for Petroleum & Natural Gas, informed the Rajya Sabha that the country has started sourcing crude oil from across several geographical locations to ensure the security of crude oil supply lines by easing dependence on any single region.

This had been done “to ensure the security of crude supplies and to mitigate the risk of dependence on crude oil from a single region,” said a Ministry of Petroleum & Natural Gas release quoting the minister in the upper house.

In financial year 2020-21, the country imported a substantial part of its crude oil supplies from Iraq, the US, Nigeria, Saudi Arabia and the UAE. Overall, the Middle East’s share in the country’s import basket of oil was over 50 per cent, followed by Africa and the US.

Source
business today
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