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Bracing against Brent

It is time for India to be imaginative about its energy strategy

brent, crude, oil, petrol, gas, ship, container, sea
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If the Brent crude prices shoot up again, there will be a huge impact on India’s economy and energy security

Jay CheemaFaiza Khan
India’s crude import bill in FY-2018-19, when the country had imported 84 per cent of its crude oil requirement, was the highest in the past five years. India spent $111.9 billion on oil imports in 2018-19 compared to $87.8 billion in FY 2017-18. Moreover, two-thirds of the imports were sourced from conflict-prone regions of the world. The increasing hostility between the US and Iran might thus have an adverse impact on India’s domestic supply and import bill.
 
Iran is the second largest country in the Middle East and has the World’s third largest oil reserves. It used to be
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Jan 30 2020 | 9:37 PM IST

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