Time to 'phase up' on oil production

With war and tensions mounting in West Asia, oil prices, and possibly even supplies, will be subject to even greater uncertainty than they were last year. Betting on oil prices has long been a sure way to lose money, but it does now seem that they are likely to remain elevated in the near term. This is bad news for India, which, in 2022-23, depended on imports for almost 88 per cent of its needs, or about 4.5 million barrels per day. Despite much discounted oil sourced from Russia, the bill was close to $160 billion.

Given India’s dire need for

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