India’s oil-hungry population keeps world oil prices and demand stable. Prices would have skyrocketed to $120 a barrel if India’s 5 million barrels of oil per day requirement had been added to the world demand already suffering from the lack of Russian crude.
India’s “mature and practical handling of the risk situation” had won them a great lot of praise. From 27 countries two years ago, India now lists 39 countries as its sources of gas and oil.
India currently imports $20 billion worth of oil from the US. India is still among the few countries in the world where the cost of oil for consumers has decreased since the pandemic as a direct result of these actions. Four states have been shortlisted by Indian Oil Corporation Limited (IOCL) to be the places where all of its stores will sell E20 fuel: Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra.
The government stated that oil marketing firms (OMCs) would require further time to make up for the under-recovery they had previously experienced when asked if they should lower pump prices after three consecutive quarters of profits. India Energy Week will now be included in the calendar for the entire world.