India

India faces moderate energy security risk due to its 88% oil import dependency, with direct exposure to the disrupted Strait of Hormuz. Gasoline prices are at $1.42/L, and the government is struggling to maintain fuel subsidies, straining its budget. While oil reserves stand at a reasonable 65 days, the agricultural sector is under pressure from an 82% increase in fertilizer costs, posing a moderate food risk. The outlook for India remains challenging, with sustained high energy costs and agricultural input prices likely to impact economic stability in the coming weeks.