Turning the tide on oil

India has faltered in locating its oil reserves for decades, but now a path is being paved to facilitate its transition from an oil importer to an exporter

India is the world’s third-largest importer of crude oil, following the European Union and China. The share of oil imports in India’s consumption basket rose to a massive 87.3 per cent in 2022-23, constituting 23.6 per cent of India’s imports.

Oil and gas imports not only deplete foreign exchange reserves but also pose a strategic vulnerability, evident in geopolitical crises like the Iraq war, sanctions on Iran, and the ongoing Russia-Ukraine conflict, which is compelling India to make payments for Russian oil in Chinese yuan. Control over substantial oil reserves can give a nation significant leverage over other countries, especially