Sunday Island
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May 17, 2026
The world India is navigating today is far more uncertain than the one we inhabited even two years ago.
West Asia remains volatile, threatening shipping routes that carry crude oil to Indian refineries. Europe continues to absorb the aftershocks of the Russia-Ukraine war, while US-China tensions are reshaping global supply chains and commodity markets. Oil prices remain unpredictable, currencies across emerging economies are under pressure, and geopolitical risks increasingly influence economic outcomes.
For India, this uncertainty carries special significance because the country imports nearly 87 per cent of its crude oil requirements. Energy dependence makes every external shock visible in inflation, fuel prices, and household budgets. India has responded with agility by diversifying energy sourcing across more than 40 countries, strengthening diplomatic engagement in West Asia and redesigning trade corridors. But diplomacy and structural adjustments take time. Oil markets do not stabilise overnight, and supply chains cannot be rewired in a quarter.
This story is from the May 17, 2026 edition of Sunday Island.
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