(MENAFN) India is exploring all available means to benefit of tumbling crude prices to lock in supplies to meet future demand, thus it's seeking to enhance ties with resource-rich Africa, based on the latest data.
The Asian nation has extended USD10 billion in credit to African nations in 2015 and pitched for an extensive alliance for global reform; all leading to India becoming a natural market for African hydrocarbon resource.
In particular, oil has deteriorated to 12-year lows this year under pressure from a worsening supply glut and signs of economic weakness in China, the world's current second largest oil consumer, thus igniting global crucial reforms.
Furthermore, India is seen as the most important driver of energy demand growth in the world in the years to come with its oil consumption seen rising by 6 million barrels per day (bpd) to about 10 million bpd by 2040.
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