Under the threat of US tariffs, India is seeking to increase domestic oil production in order to get rid of its dependence on oil imports. The “Times of India” reported on January 28 that Indian Prime Minister Narendra Modi said on the 27th at India Energy Week 2026 that India plans to invest 100 billion US dollars in the oil and gas sector by 2030. Modi said India's broader energy sector provided investment opportunities worth $500 billion and outlined plans to expand the country's refining capacity from 260 million tons per year to 300 million tons per year over the next few years. According to Bloomberg, Modi said this time that India plans to expand its refining capacity to 6 million barrels per day and add another 1 million barrels by the end of this decade. However, in terms of upstream oil production, India currently produced an average of 550,000 barrels of oil per day in December, accounting for only a fraction of the country's total consumption. India's domestic oil production has been lagging behind for decades. According to India's “News Insider” report, with industrial growth and transportation demand soaring, India's energy demand is rising sharply, but domestic oil and gas production has failed to keep up with the pace. As the world's third-largest energy consumer, India is dependent on imports for up to 90% of its crude oil.

Under the threat of US tariffs, India is seeking to increase domestic oil production in order to get rid of its dependence on oil imports. The “Times of India” reported on January 28 that Indian Prime Minister Narendra Modi said on the 27th at India Energy Week 2026 that India plans to invest 100 billion US dollars in the oil and gas sector by 2030. Modi said India's broader energy sector provided investment opportunities worth $500 billion and outlined plans to expand the country's refining capacity from 260 million tons per year to 300 million tons per year over the next few years. According to Bloomberg, Modi said this time that India plans to expand its refining capacity to 6 million barrels per day and add another 1 million barrels by the end of this decade. However, in terms of upstream oil production, India currently produced an average of 550,000 barrels of oil per day in December, accounting for only a fraction of the country's total consumption. India's domestic oil production has been lagging behind for decades. According to India's “News Insider” report, with industrial growth and transportation demand soaring, India's energy demand is rising sharply, but domestic oil and gas production has failed to keep up with the pace. As the world's third-largest energy consumer, India is dependent on imports for up to 90% of its crude oil.