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India urges a bigger biofuel push as crude prices surge
India, which imports nearly half its crude from the Middle East, is expanding ethanol blending as average import prices topped $100 per barrel and Brent returned to $100.
OilPrice reports that India is calling for a larger expansion of biofuel production and consumption to improve energy security as crude oil prices rise amid the Middle East crisis.
According to Tarun Kapoor, an adviser in India’s Prime Minister’s Office, the country should maximize value from available resources across biofuels, citing areas including ethanol, compressed biogas, and broader transport and industrial applications.
OilPrice also notes that India is the world’s third-largest crude oil importer and had relied on the Middle East for nearly half of its crude oil imports before the war.
The outlet adds that India launched in June a new fuel blend with an 85% ethanol component under its fuel flex mobility program, and that India’s average crude import price rose to above $100 per barrel last week, shortly before Brent hit $100 per barrel on Wednesday for the first time since July.
Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%