India’s dependence on imports of crude oil with the growth in economy will continue for a while, even as the country’s own production grows, Union Minister for oil and natural gas Hardeep Singh Puri said.
Talking about the decision of OPEC (Organisation of Petroleum Exporting Countries and allies) of extending it’s output cut till the second quarter of 2024, Puri said that the country is not worried about the rising prices currently as more countries are coming up with growth in their domestic oil production.
OPEC+ members led by Saudi Arabia and Russia extended its voluntary oil output cuts on Sunday into the second quarter to boost prices.
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“Our economy is doing well and even with increase in domestic E&P (exploration and production), we are still very significantly dependent on imports,” the minister said while addressing the media at the concluding ceremony of the 12th CGD (city gas distribution) round. “And that dependence on import with the growth in GDP will continue for a while,” he said.
India is the third largest consumer of crude oil and imports almost 85% of its crude requirements with Russia being the largest supplier. India imported 194.2 million metric tonne of crude oil worth $110.5 billion during April to January in 2023-24, against 192.5 MMT valued at $136.2 billion in FY23, the data from Petroleum Planning and Analysis Cell showed.
“There is enough oil available with OPEC+, then there are new countries coming on the block. We have been talking to Gauyana, Suriname, Namibia,” Puri said adding that the country is already taking crude in lieu of stuck dividends in Venezuela.
Puri noted that the energy markets is “factoring it all in”.
Saudi Arabia extended its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter. Russia, too, announced an additional voluntary cut of 471,000 barrels per day for the second quarter.
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Following the announcement, crude prices rose to $83.55 per barrel at the end of last week.
“Ideally, I would want prices to be even lower but prices move by international situations,” said Puri. “But in the coming time, I don’t see any difficulty on this.”
Moderate crude prices had just initiated discussions on the oil marketing companies cutting the prices of auto fuels after being able to offset the losses of previous year by healthy profits made in last few quarters. However, the extension of supply cuts and rising crude prices have once again cast a shadow on the possibility of a fuel price cut.
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