India could join OPEC after discovered crude oil deposits in North East India

Recently, it has been reported that after the discovery of crude oil by ONGC (Oil and Natural Gas Corporation) in North-East India, India can get oil reserves worth from $1 billion to $100 billion dollars. India has discovered $1 billion worth Crudeoil deposits in Sagarpali village in Ballia, Uttar Pradesh. If indian Crude Oil values reach $100 Billion then It will force India to join OPEC+. India and the Organization of the Petroleum Exporting Countries (OPEC) maintain a significant relationship due to India’s position as the world’s third-largest consumer and importer of crude oil. In future, India’s recently discovered Crude Oil deposits will increase the potential opprotunities to establish new ties with OPEC partners and new oil companies. India imports a substantial portion of its crude oil from OPEC member countries. Historically, this has been around 60-80% of India’s total crude oil and gas imports. Major OPEC suppliers to India include Iraq, Saudi Arabia, Russia, Iran, Qatar and the UAE.

China will purchase Indian Crude Oil and reduce tension on Arunachal and Galwan valley

Although the recent crude oil discovery in India will not benefit China in particular, it can meet India’s own oil requirement for almost the next 5 years because India imports most of the oil. Recently, IndianOil and ONGC (Oil and Natural Gas Corporation) have claimed that the crude oil discovery in Uttar Pradesh, India can get oil reserves and deposits worth almost $100 Billion USD due to which India can become an Associate Member country of OPEC+. Recently, due to US sanctions, Russia could not export crude oil, gas and energy to OPEC+ countries, but Saudi Arabia was continuously importing from Russia so that after buying cheap gas and petroleum oil from Russia, expensive energy could be sold to China, Japan and South Korea. Recently, Indian oil companies have informed that the crude oil obtained from the crude oil discovery in Uttar Pradesh can be used in some states of India for 1 to 2 years, but this crude oil discovery does not make India eligible to become a member of OPEC+. To become an associate member of OPEC+, discovery of crude oil worth approximately $500 Billion Dollars is necessary so that one can become a full member of OPEC+. OPEC+ is a broader group that includes the 12 member countries of OPEC plus 10 non-OPEC oil-producing countries. These non-OPEC members include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan. Recently, Top Indian companies including Reliance Industries Limited, Oil and Natural Gas Corporation Limited (ONGC) and Indian plans to acquire the the current Crude Oil Discovered region to add 1 Billion worth of OIL from Indian government.