• 1 hour Exxon Starts Production At New Refinery In Texas
  • 2 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 20 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 21 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 21 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 22 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 23 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 23 hours VW Fails To Secure Critical Commodity For EVs
  • 1 day Enbridge Pipeline Expansion Finally Approved
  • 1 day Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 1 day OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 8 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
Is OPEC Considering Deeper Output Cuts?

Is OPEC Considering Deeper Output Cuts?

You could argue OPEC and…

The Next Big Digital Disruption In Energy

The Next Big Digital Disruption In Energy

Blockchain technology is transforming the…

Indian Oil Minister Expects Record-Breaking Surge In Crude Demand 2016

Essar oil storage

India’s Petroleum Minister Dharmendra Pradhan expects the demand for crude oil in the country to rise in excess of 11 percent this year, thanks to “better monsoon rains” and growth in economic activity.

Last year, India recorded an increase of 11 percent in the consumption of oil, versus projections for a rate of 7-8 percent. This year should see a higher increase, Pradhan said at the London presentation of the latest round of bids for newly discovered small-scale oilfields. The estimated combined reserves in these fields are 625 million barrels of oil and gas. The bid round is part of government efforts to reduce India’s dependence on oil imports by a tenth over the next six years.

In the second quarter of this year, which is first for India’s financial year, oil product demand expanded at a rate of 7.8 percent on an annual basis. This was the fastest first-quarter demand increase for the last ten years, the Petroleum Ministry then noted. In absolute terms, the world’s third-largest oil consumer to date used 48.5 million tons of oil products in the three months from April to June.

According to the International Energy Agency, India will top the list of the largest oil consumers in the world this year, surpassing China and the U.S. thanks to its drive to become the next major economic hothouse, after China shifted course to a more service-oriented economic model.

Large-scale infrastructure projects and a growing middle class will contribute to the increase in manufacturing activity stipulated in the Make in India strategy launched by Narendra Modi’s government two years ago.

According to an Energy Aspects analyst Richard Mallinson, quoted by Bloomberg, oil consumption in India is likely to grow at a daily rate of 400,000 barrels this year and next, making it the fastest pace of consumption growth globally.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News