India is no longer a poor country. It is gradually moving towards a middle economy country. Of course, it will take a lot of time for India to ensure that all of its people have good income. However, the size of Indian economy is growing very strongly and India will soon become the second largest economy in the world. So, the demand of oil is increasing at a very fast pace.
The price of oil in the world market is increasing very fast. Oil is now touching $120/barrel. No one knows when this increase will stop. In fact, there is no sign of stopping of price hike of crude oil in the world market. India is one of the major consumers of oil. It needs a lot of oil to sustain its economy. That is why, India is getting oil in ensuring smooth supply of oil is becoming a big challenge for Indian government.
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