Energy ‘vulnerable’ India seeks U.S. help to produce more oil and wean itself off Russia, Middle East reliance amid geopolitical turmoil |
Energy ‘vulnerable’ India seeks U.S. help to produce more oil and wean itself off Russia, Middle East reliance amid geopolitical turmoil
India imports nearly 90% of its crude oil—largely from Russia and the Middle East. With geopolitical trouble making both of those sources less reliable and leaving it vulnerable, the world’s most populous country is inviting more foreign investment to help it boost its domestic oil and gas supplies, a top energy executive from India told Fortune.
While India is acquiring more alternative supplies to help it ride out the war in Iran, it typically imports most of its oil from Saudi Arabia, Iraq, and Russia. At present, those Russian barrels are flowing only under a temporary waiver from the U.S., after President Trump had used higher tariffs to get India to stop buying from Russia.
As part of reforms to open the country up to more domestic oil and gas exploration, India is seeking to attract $100 billion in investment by 2030. Recently, the chairman of India’s top private oil and gas producer, Cairn, made the trek to Houston for the CERAWeek by S&P Global conference with government officials to meet with many of the top American companies specializing in shale and offshore drilling.
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