India Sees Energy Market Shift as Prices Decline

Analysts have noted that among major energy-consuming nations, India is particularly sensitive to price changes. According to Jin10, when energy costs surge, few countries are as vocal as India. However, the current atmosphere in New Delhi is notably relaxed. Government officials and industry leaders believe that oil, natural gas, and coal have entered a buyer's market, potentially for the long term. This sentiment aligns with market realities. For instance, crude oil prices have fallen to around $65 per barrel, roughly half of what they were following the onset of the Russia-Ukraine conflict in 2022. When adjusted for inflation, oil prices have returned to levels seen in the mid-1980s. Prices for coal and natural gas have also significantly decreased. India's top energy official, Hardeep Singh Puri, remarked, "The good news is that more energy is flowing into the global market." When asked if this indicates a buyer's market, he acknowledged, "While I don't always state it outright, the characteristics of a buyer's market are indeed present."