The Covid-19 pandemic led to erosion of 1/3rd of global energy demand, creating significant oil price volatility with cascading geopolitical impacts. This has also resulted in India’s crude oil and natural sourcing ability to improve, according to Minister for Petroleum and Natural Gas, Dharmendra Pradhan.
Speaking at the International Energy Security Conference 2020 organised by Global Counter-Terrorism Council (GCTC), Pradhan said: “We have enhanced our engagement with key global players and firmed up our strategic partnerships with producing countries such as United States of America, Russia, Saudi Arabia and United Arab Emirates on one hand. There is also more engagement with consuming countries like South Korea and Japan.”
“We presently have sufficient supplies of crude oil and Liquified Natural Gas (LNG). This is a result of our efforts to diversify sources of hydrocarbons,” he added.
Pradhan said that India’s oil-marketing companies are now importing crude oil from more than 30 countries spread across Africa, North and South America, as well as South East Asia.