Six months into the war in Ukraine, Western sanctions have thrown the global energy markets into turmoil. Policymakers worldwide are struggling to ensure adequate oil and gas supplies at an affordable cost. As the world’s second largest importer, India’s resilience is being tested as high oil import bills bite into the budget, and worryingly widen the current account deficit. Pressures on oil sanctions and price caps, meanwhile, test our strategic autonomy.
Apart from skilfully diversifying foreign suppliers, our policymakers seem to be reviewing atmanirbharta in the domestic oil patch. In August, ONGC and ExxonMobil announced an agreement for collaboration on exploration
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