India not under pressure to buy Iran oil: Reddy

per cent of world's annual energy consumption. The US, China and Russian federation are the top three energy consumers. Almost 40 per cent of the primary energy consumption is by USA and China," Reddy said.

The energy sector has witnessed major volatility in crude oil prices, scarcity of services and economic meltdown globally in the past few years.

"Global demand for energy is oscillating in tandem with the economic condition of the world," he said.

Economics in the energy sector is also being affected by the dynamics in global political scenario, and economic sanctions regime leaving an adverse impact on the demand-supply situation.

India is one of the fastest growing economies in the world. Presently, the domestic energy supplies are limited and the import dependence is as high as 80 per cent for crude oil and 25 per cent in case of natural gas.

"The situation may not change much in the 12th Plan period as the demand for oil and gas is increasing. The share of oil and gas in Indian energy basket is about 40 per cent.

"With the projected demand and supply gap, it is imperative for us to enhance energy security for the country for which intense efforts in exploration activities in India as well as abroad are being made," Reddy said.