India's Crude Oil Strategy: Balancing Geopolitics and Cost

India's Crude Oil Strategy: Balancing Geopolitics and Cost.webp


The government has stated that India will continue to import crude oil from countries where it is inexpensive and of high quality, and that Indian oil companies will purchase oil, taking into account the geopolitical situation and non-sanctioned sources. Top officials from the Ministries of External Affairs and Commerce conveyed this to the Parliamentary Standing Committee on External Affairs, headed by Congress leader Shashi Tharoor, yesterday. Mr. Tharoor told reporters that 28 out of the 30 members were present, and the meeting was highly productive. Mr. Tharoor said that most of the meeting's time was dedicated to the Indo-US trade deal and the India-EU Free Trade Agreement (FTA), and all subjects, including Russian oil and agricultural products, were discussed. He stated that the officials answered all questions thoroughly and confidently. He said that the officials informed the committee that India would finalize the interim agreement with the US, and that details would be released later. Mr. Tharoor said that India is among the countries that secured the lowest rates.
 
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crude oil imports geopolitics india-eu free trade agreement india-us trade deal parliamentary standing committee
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