The government of the oil-rich nation took control of its petroleum industry in 1976, nationalizing hundreds of private businesses and foreign-owned assets.
After years of predictions that oil demand will soon peak due to fast shift to renewables, oil & gas quietly made a comeback, with India becoming key driver of global consumption.
Unlike the brief lulls seen after the Asian financial crisis in 1998–99 or the shale glut of 2015–16 - both followed by sharp resets - the current calm appears more durable, reflecting diversified ...
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