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Indian government panel submits report to cut oil import dependency

Christian Fernsby ▼ | May 22, 2019
An Indian government panel has submitted its recommendations to reduce imported oil dependency of the country, a government statement said.
India oil
Asia   India oil
The high-level committee had engaged with top oil and gas officials to understand the business, as well as challenges and opportunities in the industry.

It has recommended short-term, medium-term and long-term strategies in the report, clearly mapping out the strategy to reduce the oil import dependency of the nation, the statement said.

During 2018, India consumed 204.92 million tons of petroleum products and 58.64 billion cubic meters of natural gas amid stagnated domestic production leading to increased imports, it added.

Petroleum import stood at 100.8 billion U.S. dollars, or 23.42 percent of the country's total gross imports of 430.4 billion U.S. dollars last year.

India's projected oil demand is going to grow at compounded annual growth rate of 4 percent during 2016-2030 against the world's average of 1 percent.