Gone are the days when the global crude oil cartel could threaten big customers like India with price spurts. Trying to reduce dependence on crude requirement and steadily moving to electric vehicles (EV), India can now afford to issue a warning to the Organization of the Petroleum Exporting Countries (Opec), an inter-governmental organisation of 15 nations, that if they do not reduce prices, Indian consumers will scout for cost-effective alternatives such as electric vehicles and reduce consumption.
Of late, a near failure of India’s deep-sea drilling and exploration had led to a spike in its crude import. In 2017, it imported around 1.6 billion barrels of oil, about 80% of its requirement, mostly from Opec countries. Bloomberg reported that fears of a global supply crunch have led to an almost 5% jump in oil since April. Read More