Oil is not just a commodity; it's the lifeblood of the global economy. From fuelling vehicles and aeroplanes to powering industries and generating electricity, oil plays an irreplaceable role in modern civilisation. The global oil market, shaped by reserves, production capacities, geopolitical alliances, and strategic interests, has long been dominated by a few powerful nations. Among them, the United States and Russia have consistently stood at the helm due to their massive reserves and production capabilities. Photo by Tom Fisk However, in recent years, emerging economies like India have begun to influence global oil dynamics more significantly—not through reserves or production, but through consumption, strategic alliances, and refining capacity. As the world transitions into a new energy order—where geopolitics, climate goals, and market economics intersect—the roles of these three nations are becoming more complex and interdependent. Global Oil Reserves: A Snapshot Oil rese...
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