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The coalition has tried to boost oil prices by holding back output. ... countries will account for around 70% of market share in the first quarter of 2025. ... that demand will recover in 2025. ...
By the first half of June 2020, India's fuel demand was 80–85% of what it was before the lockdown. However the Indian oil minister said that it would take a much longer time for the growth in demand to be restored to pre-COVID-19 levels. [225] Oil prices dropped sharply in 2020 following the COVID-19 pandemic. Demand also fell sharply.
Refineries in India processed 221.37 Mt of oil in 2020-21 achieving a capacity utilization of 88.8%. With a total refining capacity of 69.2288836p; MMTPA [clarification needed], the state-owned Indian Oil Corporation was the largest refiner in the country by capacity. Indian Oil's refineries processed 62.35 Mt of crude oil in 2020–21. [15]
India is highly dependent on indirect taxes, especially the tax levied on the sale and manufacture of goods and services that ordinary Indians depend upon. [87] The liberalization of the economy made India more vulnerable to global market forces, such as fluctuations in commodity prices, exchange rates and global demand for exports.
The Biden administration has bought back 59 million barrels after the 2022 sale at an average price of less than $76 a barrel, far lower than the $95 a barrel it sold oil in 2022.
(The data below does not seem to include shale oil and other unconventional sources of oil such as tar sands. For instance, North America has over 3 trillion barrels of shale oil reserves, [ citation needed ] and the majority of oil produced in the US is from shale, leading to the paradoxical data below that the US will finish all its oil at ...
An ONGC platform at Bombay High in the Arabian Sea India's oil deficit Gas Balance of India India ranks third in oil consumption with 4.669 million barrels/day in 2020 after USA and China. During the calendar year 2019, India imported 221.7 million tons of crude oil and 44.4 million tons of refined petroleum products and exported 60.7 million ...
The former Indian Finance Minister P. Chidambaram expected India's economy to "bounce back" to 9% during FY2009. [33] India's then Prime Minister Manmohan Singh said that the government will take measures to ensure that the economic growth bounces back to 9%. [34] Nevertheless, India's overall growth of GDP in 2008-09 was 6.7%. [35] The Asian ...