India’s Oil Strategy: Expanding Sources and Ensuring Energy Security
Union Minister Hardeep Singh Puri’s Insights
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has assured that India is well-prepared to meet its energy needs with a diverse range of oil sources. The country has increased its oil suppliers from 27 to 39, ensuring a stable supply chain.
Global Oil Market Stability
Puri emphasized that the global oil supply currently exceeds consumption, reducing the risk of shortages. He stated, “Today there is more oil available in the world than there is consumption.”
India’s Oil Import and Refining Capacity
In July 2024, Russian crude made up 44% of India’s imports, reaching 2.07 million barrels per day. India’s oil marketing companies plan to increase refining capacity by 35-40 million tonnes by 2030, requiring an investment of Rs 1.9-2.2 lakh crore.
Domestic Demand and Capacity Expansion
India’s refining capacity grew by 42 million tonnes over the last decade, driven by a 4% annual increase in domestic petroleum consumption. The total refining capacity is expected to reach 295 million tonnes by 2030.
Doubts Revealed
Hardeep Singh Puri -: Hardeep Singh Puri is an Indian politician and the Union Minister for Petroleum and Natural Gas. He is responsible for overseeing India’s energy policies and ensuring the country has enough oil and gas.
Oil procurement sources -: Oil procurement sources are the countries or places from where India buys its oil. By increasing these sources, India can get oil from more places, which helps ensure there is always enough oil available.
Energy security -: Energy security means having a reliable and steady supply of energy, like oil and gas, so that the country can function smoothly without running out of these important resources.
Russian crude -: Russian crude refers to the oil that India buys from Russia. In July 2024, a large portion of India’s oil imports came from Russia, making it an important supplier for India.
Refining capacity -: Refining capacity is the amount of crude oil that can be processed into usable products like petrol and diesel. Increasing this capacity means India can produce more fuel to meet its growing needs.
Rs 1.9-2.2 lakh crore -: Rs 1.9-2.2 lakh crore is a large amount of money, specifically 190,000 to 220,000 crore rupees. This is the investment planned to increase India’s oil refining capacity by 2030.