Oil prices retreated after briefly hitting $81 a barrel before steadying to $67 a barrel following the US strikes on Iran’s nuclear facilities and a subsequent fragile ceasefire between Tehran and Tel Aviv. Looking ahead, they are expected to be volatile — although supplies are plentiful with the Organization of Petroleum Exporting Countries reportedly expected to raise output in August following an increase planned for July — as geopolitical tensions persist in West Asia. Signalling his concern about oil prices, President Donald Trump urged the US department of energy to “drill, baby, drill”. If this is the compulsion of the world’s largest producer, how much greater would this be for India that has an import-dependence of 88% for its requirement of oil? To bolster its energy security, India must make determined efforts to boost domestic oil production that has been steadily declining since FY12. This has been falling for various reasons including low investment........

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