Doomsday Luck for Man at Center of Global Oil Demand Growth – Bloomberg

The doomsday crude market is a blessing for India’s Oil Minister Dharmendra Pradhan.The nation of 1.3 billion people is guzzling ever more oil as the fastest economic expansion among major economies spurs increased use of trucks, cars and motorbikes. The slump in crude is giving Pradhan, 47, the chance to drive hard bargains for stakes in foreign fields as well as prod India’s state-run energy companies to step up exploration while industry costs are low. The $2 trillion economy gets about 80 percent of its oil and gas from overseas. Local production has been declining as some fields mature. Pradhan took office just over two years ago, when Prime Minister Narendra Modi swept to power in a landslide. Brent crude has tumbled roughly 60 percent since then.“This is the best ever window available to India,” said Swagat Bam, an adviser at the New Delhi-based Observer Research Foundation. “Valuations of global assets are low and exploration costs have crashed. India must do all it takes to reverse its fortunes in the next few years.”

Source: Doomsday Luck for Man at Center of Global Oil Demand Growth – Bloomberg

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