The Union Minister for Petroleum and Natural Gas highlighted on Tuesday the unregulated nature of global trade, noting sufficient crude oil supply worldwide. He emphasized alternative sources for oil should any single supply line be disrupted. Speaking at an interactive session, he acknowledged India's rank as fourth globally in refining capacity and its aspirations to achieve the third position.
India imports crude from 40 countries and is making strides in integrating petrochemicals to improve efficiency. The country's crude consumption is projected to hit six million barrels per day soon. The minister noted the revised predictions indicating India's significant share in meeting global demand increases in the coming decades.
Highlighting achievements, the minister lauded India's early success in achieving its ethanol blending targets. Although global refinery capacities face threats of closure, India's robust energy strategies aim to support its economic growth and meet international demand. A senior official also clarified that importing decisions, especially regarding Russian oil, are made by companies based on economic and legal considerations.
