Figure Watch

Oily mess

With the global price of crude rising to US 22 per barrel, the country8217;s trade deficit on account of oil imports is bound to increase drastically. But what8217;s worse, the country8217;s dependence on import of crude is likely increase manifolds too. According to the Tata Energy Research Institute8217;s annual report, the country8217;s dependence on imported crude is projected to go up from around 47 per cent in 1995 to 64 per cent next year. In 2005, it could stand at over 70 per cent.