India’s Oil Import Dependence Climbs to Nearly 89% as Domestic Output Lags

India is growing more dependent on imports of crude oil, with the total share of imports in its oil consumption reaching 88.6% over the first ten months of its current fiscal year, which ends on March 31. The data, from the country’s Petroleum Planning & Analysis Cell, a division of the oil ministry, reflects challenges in boosting domestic oil production despite significant government support in that direction. India last month launched a licensing round for 50 oil and gas blocks in a bid to draw more foreign investment into its energy…