{"id":281732,"date":"2024-02-08T20:37:03","date_gmt":"2024-02-08T15:07:03","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=281732"},"modified":"2024-02-09T13:01:25","modified_gmt":"2024-02-09T07:31:25","slug":"indias-dependence-on-external-oil-suppliers-ensuring-energy-security","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/indias-dependence-on-external-oil-suppliers-ensuring-energy-security\/","title":{"rendered":"India\u2019s Dependence on External Oil Suppliers -Ensuring Energy Security"},"content":{"rendered":"

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\"India\u2019s<\/p>\n

Source<\/strong>: The post India\u2019s dependence on external oil suppliers has been created, based on the article \u201cEnsuring energy security: India must explore both domestic reform and foreign outreach<\/strong>\u201d published in \u201cBusiness standard\u201d<\/strong> on 8th February 2024.<\/p>\n

UPSC Syllabus Topic<\/strong>: GS paper3- Infrastructure-Energy<\/p>\n

News<\/strong>: The article explains that the International Energy Agency (IEA) predicts a rise in global oil demand by 2030. India will be the main driver of this demand. India\u2019s dependence on external oil suppliers<\/strong><\/p>\n

What are The Major Findings of The International Energy Agency (IEA)?<\/strong><\/h2>\n

The IEA projects global crude oil demand to grow up to the year 2030. India is projected to be the largest driver of this demand growth.<\/p>\n

India’s oil consumption is expected to increase by almost 1.2 million barrels a day from 2023 to 2030.<\/p>\n

This increase accounts for about one-third of the total global crude oil demand growth.<\/p>\n

The total global increase in crude oil demand is expected to be about 3.2 million barrels a day over this period.<\/p>\n

By 2030, India’s oil consumption is projected to reach 6.6 million barrels per day.<\/p>\n

What are The Concerns for India\u2019s Dependence on External Oil Suppliers?<\/strong><\/h2>\n

Economic and Security Vulnerability: <\/strong>India’s reliance on external oil suppliers poses a significant risk to its economy and security. Fluctuations in global oil prices can severely affect India’s external accounts and fiscal situation.<\/p>\n

Inflation and Slowed Growth: <\/strong>High oil prices can drive up inflation, slow economic growth, and lead to political unrest.<\/p>\n

Geopolitical Tensions Affecting Supply Chains:<\/strong> Fossil fuel supply chains are vulnerable to geopolitical tensions, particularly in West Asia.<\/p>\n

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Read More UPSC Topics-<\/strong><\/h2>\n\n\n\n\n
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