| Summary/Abstract |
For India’s energy security, the good news is the continuing weakness in global crude prices as it imports 80 per cent of its requirements. As the world’s fastest growing economy, it has burgeoning requirements for oil and gas from West, Central Asia and elsewhere, as domestic production has sharply declined. Brent crude prices have averaged $53 a barrel in 2015 and will be at the same levels in 2016 as well. Although the NDA government has not fully passed on the benefit of cheaper crude to consumers at the pump it must ensure supplies of cheap oil and gas for the Indian economy.
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