India’s oil import diversification strategy faces a fresh hurdle as the US threatens to impose a 25% “secondary tariff” on countries, including India and China, that import Venezuelan crude. The announcement, made by US President Donald Trump late Monday, is set to take effect from…
Tag: EnergySecurity
India’s Oil Import Dependency Set to Reach New High in FY25 Amid Rising Demand and Stagnant Domestic Production
India’s reliance on imported crude oil is projected to reach a new high in the fiscal year 2024-25 (FY25), driven by escalating domestic demand and stagnant local production. In the first 11 months of FY25, the country’s import dependency exceeded 88%, surpassing the previous fiscal…