India has to import crude oil. What problems do you anticipate for the country looking at the above situation?
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India has to import crude oil, as there is no resource of crude oil,
But as economically, the government has to spend more and more money to purchase it from other countries, this is not beneficial as economically ,
But as economically, the government has to spend more and more money to purchase it from other countries, this is not beneficial as economically ,
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India ranked as the world’s fourth largest importer of crude oil in 2018. Its imports of crude stood at about 49 lakhs barrels per day. Though India has vast deposits of crude oil and natural gas, very little is tapped and that does not meet its domestic needs. Hence, it has to import 82% of its crude oil requirements.
India depends on countries like Saudi Arabia and Iran for its crude imports. Political changes and upheavals these countries are prone to, effect exports to countries like India. Embargos also impact export of crude oil from these countries.
The Indian government is working on bringing down this dependability from the current 82% to 67%, by the year 2022.
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