Oil Dilemma
India’s growing fuel demand and its call for increased oil output from OPEC reflect the country’s evolving energy needs. As the world’s third-largest oil importer and consumer, India is significantly dependent on international markets, with over 80 per cent of its oil supply coming from abroad. This dependence leaves India vulnerable to fluctuations in global oil prices and production decisions by large producers, making it crucial for the country to push for policies that align with its economic interests. The request for OPEC to raise oil output comes at a time when global energy dynamics are becoming increasingly complex. OPEC , which includes oil-rich nations like Saudi Arabia and Russia, plays a critical role in determining global oil supply.
The group’s recent decision to delay a planned increase in output for October and November points to caution amid uncertain economic conditions and potential price volatility. For India, this is concerning, as higher global
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