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How India’s Oil Refining Power Balanced Global Inflation and Geopolitics
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How India’s Oil Refining Power Balanced Global Inflation and Geopolitics
From a minimal capacity in the 1990s, India became the world’s third-largest refiner with 254 MTPA by 2023, driven by massive public and private investments. After the Ukraine war, India became Russia’s second-largest oil buyer, importing over 1.7 million bpd in 2023 and exporting refined products globally, including to sanctioning countries. By absorbing discounted Russian crude, India helped moderate global oil prices from $120 to $70–90 per b…
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