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ONGC Chairman: Price, Not Politics, Drives Over 60% of India's Oil Imports
Arun Kumar Singh, chairman and CEO of India's state-owned Oil and Natural Gas Corporation (ONGC), stated that India's imports of spot crude cargoes are primarily determined by prevailing cargo and oil prices. He noted that at least 60% of India's oil imports are a function of price, with economics ultimately prevailing over geopolitical disturbances. India, the world's third-largest crude oil importer, remains highly dependent on imports, accounting for 90% of its consumption.
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