India is the world’s third-biggest oil importer and consumer. The country now aims to reduce its dependence on oil and is working with Russia to achieve it, stated Dharmendra Pradhan—Indian Minister of Petroleum and Natural Gas. India imports about 80% of its oil demand, but Prime Minister Narendra Modi stated he wants to decrease it to 67% by the end of 2022. Concurrently, the Indian administration intends to surge the share of natural gas in the nation’s energy mix to 15% from 6% by 2030. During the WEF (World Economic Forum) in New Delhi, India, Pradhan said to CNBC, “At present, India is sourcing its energy demand from various parts of the world and Russia is one amongst the major destinations for us.”
After the meeting between PM Modi and Russian President Vladimir Putin in the last month, the two nations declared many energy-related accords. As reported by Reuters, they include: India’s Petronet LNG approving to purchase liquefied natural gas from Russia’s Novatek and spend in the Russian company’s prospective projects; India’s H-Energy was seeking to procure LNG from Novatek for a long-term basis; Coal India will sign a contract for mining coking coal in Russia. Those contracts and investments will aid Russia and India to attain their aim of striking $30 Billion in annual trade by the end of 2025.
On a related note, recently, oil edged up by 0.7% following US jobs report eases worries about the economy. The oil prices edged higher as a surge in the U.S. jobs alleviated some financial market fears that a declining global economy can impact the oil demand, but crude reported its second straight weekly loss. The Brent crude futures surge by 52 Cents to $58.23 per barrel. The WTI (West Texas Intermediate) crude futures earned 0.7%, by 36 Cents to $52.81 per barrel.