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India's oil consumption, an Enticement or Dissuasion?

India’s oil consumption has shown a steady rise with the rising urbanization of the country. India depends heavily on imported oil and with the agreement between OPEC countries to cut down on production, crude oil prices are skyrocketing hence in all likelihood oil import is going to become a costlier affair than before impacting India’s economy. At the same time judging the market vulnerability and in an effort to increase self-dependence Govt has started the process of in-house oil field auctions and rising consumption will definitely become an  attraction for companies to start digging.