• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 3 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 3 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day An Indian Opinion on What is Going on in China
  • 9 hours Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 4 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 1 day Storage of gas cylinders
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

India Energy Demand On The Rebound

India's energy demand is beginning to improve as businesses reopen, the country's oil minister, Dharmendra Pradhan said this week at the ADPIEC conference in Abu Dhabi.

"India's energy sector has shown remarkable resilience and our energy demand has almost recovered back to the pre-Covid levels, particularly for petroleum products, due to [the] rejuvenation of economic activities," Pradhan said, as quoted by The National.

A couple of weeks ago, the chairman of India Oil Corp. said that demand for fuels, hence for crude oil, was improving thanks to strong car sales.

"Gasoline has already crossed the pre-COVID-19 levels, and diesel too is edging towards pre-COVID-19 levels. The festive season would give a further boost to the demand," Shrikant Madhav Vaidya said at the India Energy Forum in late October.

India, along with China, is expected to be the main driver of oil demand in the coming years. The country is the world's third-largest oil consumer in the world, trailing only the United States and China.

Recently, New Delhi invited foreign companies to invest in an expansion of its strategic petroleum reserve capacity as it seeks to boost its energy security by storing more oil locally.

"I invite global energy players to come and invest in this project," Pradhan said at ADIPEC, referring to India's ongoing construction of additional commercial and strategic petroleum storage.

"Taking advantage of the low crude oil prices in international market, India purchased 16.71 million barrels (mbbl) of crude in April – May, 2020 and filled all the three Strategic Petroleum Reserves created at Vishakhapatnam, Mangalore and Padur," Pradhan said. 

At the same time, the government is seeking to boost domestic production of oil by encouraging foreign investments in the sector.

"There are tremendous opportunities in the energy sector in India. India now allows 100 per cent foreign direct investment in exploration and production," Pradhan said at ADIPEC. "We have created a friendly tax regime for sovereign wealth and pension funds. These reforms are translating into increased FDI growth in the sector."

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on November 10 2020 said:
    India, like China, is a pillar of the global oil demand being the world’s third largest consumer of crude oil after the United States and China.

    The fact that India’s energy demand has almost recovered back to the pre-COVID levels will invigorate the global oil and gas markets helping to deplete global oil and gas inventories and push prices upwards.

    Coming after the announcement that an effective anti-COVID vaccine has been developed and the election of Joe Biden it will cheer global oil and gas markets which have been bereft of good news for a quite a while.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News