India Drops Oil Imports From MidEast
By Micah Halpern
Wednesday January 22, 2020
I've Been Thinking:
I've Ben Thinking:
India is the third largest consumer of oil in the world.
For three years in a row India has reduced the amount of oil they import from the Middle East. To give you a sense of the numbers, in 2018 they imported 65% of their oil from the Middle East while last year, in 2019, that number dropped to 60%.
India understands the need to reduce their dependence on Middle East oil. The political situation is too volatile. Iran has made the region unpredictable. And so India and other countries are responding.
During the same period that India has been cutting back on their Middle East oil imports, the United States has become energy sufficient. The US is now producing enough oil that there is no need to import oil. The US still does import, but they are now significant exporters as well.
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23 January 2020 11:59 AM in Thoughts
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