Puri said India currently consumes 5.6 million barrels of crude oil per day and will soon reach 6 million barrels. The International Energy Agency estimates India will drive 30% of the global rise in energy demand over the next two decades. This will increase the country’s shipping needs for oil and gas transport.

During 2024-25, India imported 300 million metric tonnes of crude and exported 65 million tonnes. About 88% of crude and 51% of gas needs come from imports. Puri urged for stronger Indian ship ownership since only 20% of trade cargo moves on India-flagged vessels.

The minister said the government is promoting domestic shipbuilding, vessel financing, and cargo aggregation for PSUs. He noted that port capacity has nearly doubled since 2014, reflecting India’s vision to build a self-reliant maritime economy.

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The Ministry of External Affairs (MEA) said India aims to ensure stable energy prices and secure supplies. It also plans to diversify its energy sourcing to meet market conditions. The MEA noted that India has long sought to expand energy procurement from the US, and current discussions are ongoing to strengthen cooperation.

Commerce Secretary Rajesh Agrawal said India’s oil imports from the US have fallen from $25 billion to around $12–13 billion in recent years. He added that India can increase purchases by $12–15 billion without adjusting refinery configurations. He also emphasized that diversifying energy imports remains India’s best strategy.

Petroleum Minister Hardeep Singh Puri highlighted that Indian oil purchases from Russia have helped stabilize global prices. Russian crude imports remain capped at $60 per barrel and are never under sanctions. India continues to avoid purchasing oil from countries under sanctions, Puri affirmed.

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The Ministry of External Affairs (MEA) stated that India has aimed to diversify energy procurement for many years, prioritising stable prices and secure supplies. The current US administration has shown interest in strengthening these energy ties.

Despite previous US tariff hikes, India’s exports to the US rose to $45.82 billion in the first half of the current financial year, a 13.3% increase from last year. The government sees potential to import $12–13 billion worth of crude oil and natural gas from the US without changing refinery configurations.

India is also likely to source more renewable energy technologies from the US as part of the trade discussions. Chief Negotiator Rajesh Agrawal is already in the US, working with the negotiating team to finalise bilateral commitments and boost climate-friendly energy cooperation.

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Public sector units are planning to reach a 1 MMT production capacity by 2030. Tender capacities for 42 kilo tonnes per annum will increase to 170 KTPA. Green hydrogen projects totaling 900 KTPA capacity have already been awarded to 19 companies.

India is aiming to capture 10 percent of the global hydrogen market, according to the minister. He highlighted that the nation is the world’s third-largest energy consumer, third-largest crude importer, and fourth-largest refiner. The country holds 651.8 MMT of recoverable crude oil and 1,138.6 BCM of natural gas reserves.

The past decade has seen major reforms in the energy sector, from new licensing policies to open acreage licensing rounds. Investments of Rs 1.4 lakh crore have driven exploration and production, with 578 wells drilled in FY25—ONGC’s highest in 35 years—and over 5,000 exploratory and development wells, including offshore programs.

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