Is Energy Becoming a Buyer’s Market? India Says Yes
India is anticipating cheap energy in the coming years.
Photographer: Dhiraj Singh/Bloomberg
Among the world’s top energy consumers, no country is more price sensitive than India. Few are as vocal in airing their misery when costs surge. Currently, though, everyone in New Delhi feels rather relaxed. Ask government officials and industry executives, many are convinced oil, gas and coal have become a buyer’s market — perhaps for good.
The sentiment echoes the reality of the market. Oil prices, for example, have fallen to about $65 a barrel, half the level they reached in 2022 after Russia invaded Ukraine. And that’s in today’s money; in real terms, adjusted for inflation, oil is as cheap as it was in the mid-1980s. Coal and gas prices are also down significantly.