India's oil procurement strategy is undergoing a significant transformation as the country seeks to diversify its sources from 27 to 39. This initiative is driven by the increasing domestic demand for energy, which has risen by 10% in the past year alone. Union Minister Hardeep Singh Puri emphasized that the global oil supply remains stable, allowing India to explore new partnerships and suppliers without compromising energy security.

This diversification is particularly crucial given the geopolitical uncertainties in traditional oil-producing regions, ensuring that India can maintain a steady supply of crude oil while mitigating risks associated with reliance on a limited number of sources.

The government's ambitious plans include boosting India's refining capacity to 450 million tons per annum by 2030. This expansion is not only aimed at meeting domestic needs but also at positioning India as a significant player in the global oil market. By enhancing refining capabilities, India can process more crude oil and potentially export refined products, contributing to economic growth. The focus on increasing domestic production through exploration and investment in new technologies will further support these goals, ensuring that India can meet its energy demands sustainably and efficiently.

Moreover, this strategic shift aligns with India's broader energy policy, which emphasizes sustainability and reducing carbon emissions. By diversifying its oil procurement sources, India aims to balance its energy mix and reduce dependence on fossil fuels over time. The integration of renewable energy sources into the national grid will complement this strategy, ultimately leading to a more resilient and sustainable energy future for the country.