Diversification & demand destruction: How India managed its energy needs amid the Iran war
By shifting crude sourcing to Russia, absorbing demand destruction, and shielding domestic households from soaring LPG and natural gas costs, India has managed the West Asian oil shock—though at a heavy cost to trade balances and commercial sectors.
In the aftermath of the US and Israel's attack on Iran, global crude oil prices have experienced a tumultuous six-month period. Between March and May, prices skyrocketed above $110 per barrel, only to plummet rapidly once a semblance of ceasefire was reached. However, recent tensions have once again pushed crude prices back above $100 a barrel.
A Delhi-based venture called thisisalive.com, established by former business journalists, is tracking these fluctuations. The platform aggregates data, processes, interprets, and visualizes it to provide decision-makers with insights. Since 2015, it has been a data partner to the popular financial news outlet, Mint.
The story of India's energy management during this period is a crucial aspect of this narrative. While the source does not delve into specifics, it is clear that the country's approach to energy diversification and demand destruction has played a significant role in navigating these volatile oil markets.
Written by urgent.news from Live Mint's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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