Context
Due to global energy disruptions linked to the West Asia conflict, India is balancing its energy security through overseas investments and diversified crude oil sourcing.
Reliance US Refinery Project
• Reliance Industries plans to fund a new shale-oil refinery in Texas through America First Refining.
• It represents one of the largest overseas energy investments by an Indian company.
• The project is expected to strengthen India–US energy cooperation.
• It may also offset part of the US-India trade deficit through long-term energy trade.
India’s Oil Import Trends
• India’s crude oil purchases from Russia increased about 45% in March.
• Imports rose from around 1 million barrels per day (mbd) to about 1.5 mbd.
Other Major Oil Suppliers
• Iraq — around 0.6 mbd
• Saudi Arabia — around 0.4 mbd
• United Arab Emirates — around 0.1 mbd
Global Significance• The United States believes India’s continued oil purchases help stabilise global oil markets during supply disruptions.
