Live
- Google to Unveil Antivirus System in Android 15 Beta Release
- VITEEE-2024 begins from today
- YS Jagan's Memanta Siddham Bus Yatra starts at Godicherla
- Kishan Reddy realises he could not win, hence report card: BRS
- Hyderabad: Major fire breaks out at scrap godown
- TDP releases video songs highlighting AP govt’s failures
- KCR to kickstart his bus yatra from April 22
- EC observers review measures taken in Chevella LS segment
- Guntur: Kilari, Nandigam, Tenneti file nominations
- Govt releases Rs 50 cr for clearing weavers’ dues
India to overtake China in oil demand: IEA
India's oil demand growth will overtake China by mid-2020s, the International Energy Agency (IEA) said on Friday asking the world's third-largest energy consumer to raise the capacity of strategic oil storages as insurance against disruptions.
New Delhi: India's oil demand growth will overtake China by mid-2020s, the International Energy Agency (IEA) said on Friday asking the world's third-largest energy consumer to raise the capacity of strategic oil storages as insurance against disruptions.
IEA Executive Director Fatih Birol said India's current strategic oil storage of 10 days of its imports is not enough to protect it in "rainy days."
IEA projected India's oil demand to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017. China's demand growth is likely to be slightly lower than that of India by the mid-2020s.
"India is the world's third-largest consumer of oil, the fourth-largest oil refiner and a net exporter of refined (petroleum) products.
The rate of growth of India's oil consumption is expected to surpass that of China in the mid-2020s, making India a very attractive market for refinery investment," IEA said the 'India 2020 Energy Policy Review' released here.
Speaking to reporters after the release, Birol said, India today is the third-largest oil market behind the US and China.
Its "demand will go up significantly in the next years to come" on the back of rise in oil consumption for mobility, as cooking fuel and in the petrochemical industry.
The IEA, which coordinates the release of strategic petroleum reserves (SPR) among developed countries in times of emergency, said it is important for India to expand its reserves.
