India’s oil and steel minister, Dharmendra Pradhan, visited Moscow and discussed for strengthening oil and gas production and keep the prices firm as oil importing countries are suffering from unstable rates, especially after US sanctions against Iran which extremely influence on India’s economy. The cost of oil import in India was reported 111.0 billion dollars in 2018~2019 while it was 64 billion dollars on 2015~2016. India with demanding 4.6 million oil barrels per day is the third top importer of oil after US and China.
It is worth noting that India needs more oil because of its fast growing economy and it will produce 25% of the world’s energy till 2040!
