Enhancing energy security
Enhancing India’s energy security by increasing relative self-sufficiency in domestic oil production is no doubt a strategic objective in today’s challenging times. There are relentless pressures from the US to reduce purchases of relatively cheaper Russian oil for the bilateral trade deal to go through, which only implies reliance on costlier supplies from West Asia and the US. The global oil market may be awash with supplies—intensifying downward price pressures—but recent developments dictate a degree of caution in this regard.
