Hopes of de-escalation in West Asia have lifted markets, but uncertainty persists. India must prepare for sustained volatility in energy prices
Global oil markets are fragmenting. For India, Gulf crude prices matter most, and these could remain significantly elevated in the near term
Energy price shocks have repeatedly strained India’s economy. The current crisis highlights the enduring risks of import dependence
While renewable capacity has grown, it cannot yet replace fossil fuels for base-load demand, underscoring the need for domestic oil and gas output
Despite reforms, production has declined since 2014. Issues in licensing, data availability, and pricing continue to deter investment
The crisis should drive renewed focus on exploration and extraction, helping India move towards greater energy self-sufficiency