Why Big Oil won't reduce India's import dependence

The bulk of the foreign investment is in refineries and retailing, not in discovery and production

In his latest visit to India earlier this month, Amin H Nasser, president and chief executive officer, Saudi Aramco, quoted International Energy Agency data to say India is likely to be among the world’s fastest-growing oil markets, with demand almost doubling to about 10 million barrels a day by 2040. 

Before this, Nasser was part of an industry meeting with Prime Minister Narendra Modi. A day earlier, Saudi Aramco, the world’s largest crude oil producer, inaugurated its India office, and Nasser’s statement was an acknowledgement of the fact that, just like other commodities and services, a growing economy made India an