Wednesday January 22, 2020
I've Been Thinking:
India is the third largest consumer of oil in the world.
India needs oil. They realize they need oil and they have been
implementing a plan to insure that they continue to receive a regular
stream of imported oil.
For three years in a row India has reduced the amount of oil they
import from the Middle East.
To give you a sense of the numbers, in
2018 they imported 65% of their oil from the Middle East while last
year, in 2019, that number dropped to 60%.
India understands the need to reduce their dependence on Middle East
oil. The political situation is too volatile. Iran has made the region
unpredictable. And so India and other countries are responding.
During the same period that India has been cutting back on their
Middle East oil imports, the United States has become energy sufficient.
The US is now producing enough oil that there is no need to import
oil. The US still does import, but they are now significant exporters
as well.
Micah@MicahHalpern.com
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