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India’s Growing Oil Industry Is Garnering International Attention

· Felicity Bradstock · last updated

India’s oil industry is set for a big year in 2023, with international oil majors including Chevron, Exxon, and TotalEnergies showing interest in investing in the country.

India currently imports around 85 percent of its crude oil demand, a figure that it considers far too high and so is attempting to boost its domestic exploration and production.

With diversified imports and the fourth-largest refining industry in the world, India’s influence in the oil product sector will only increase going forward.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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