Standard Post with Image

Crude Oil Import May Impact Indian Economy in Coming Years

News

India's crude oil production will continue to fall in the next quarter century despite the government's ambitious targets, declining to less than half the current output as new reserves fail to compensate for the decay in existing fields, the International Energy Agency has said. 
Source: ET

SNP Insight

The growing energy demand and domestic production shortfall may increase India’s dependency on crude oil import by 10% in next seven years. The falling oil price on international market and increase production cost from domestic oil reserves may also drain investment in new infrastructure development in the sector. So, it may increase the crude oil import to full fill domestic demand and expose Indian economy to oil price volatility.

Source: SNP Infra Research