Skip to content
Search

Latest Stories

India’s Crude Oil Demand to Touch 500 Million Tonnes Per Year by 2040

Amid soaring crude oil prices, India’s crude oil demand is expected to reach to 500 million tonnes a year by 2040, said Partha Ghosh, an executive director at Indian Oil Corp, said on Tuesday (25) at the Asia Pacific Petroleum Conference (APPEC) in Singapore.

However, soaring crude oil prices might act as a dampener for the rate of growth of domestic crude oil demand, he added. The new forecast of 500 million tonnes per day by 2040, would be equal to around 10 million barrels per day (bpd), up from about 4.7 million bpd recorded last year.


Global crude oil demand is very likely to rise by 15.8 million bpd from now to until 2040 and India’s growth of bpd will constitute around 24 per cent of the overall growth, Ghosh pointed out.

India’s refining ability could rise to about 439 million tonnes per day by 12 years as new and existing refineries will work to improve their infrastructure capabilities. The domestic demand for crude oil is very likely to rise to 356 million tonnes a year by fiscal year 2030, Ghosh added.

Higher refining capabilities help India to export refined oil products to its neighbouring countries.

The rate of growth of crude oil demand is very likely to move down by 2024 to 2025. Alternative energy sources and energy deficiencies are also expected to reduce crude oil demand.

India’s economy is highly sensitive to crude oil prices. A $10 per barrel increase cuts India’s gross domestic product (GDP) by 0.2 to 0.3 per cent.

According to the latest International Energy Agency (IEA) data, as of now, the demand for crude oil from Organisation for Economic Co-operation and Development (OECD) remains resilient but there is a risk to the 2019 outlook from currency depreciation and trade disputes.

Demand in growing economies China and India combined will grow by 910 kb/d in 2018, but the pace slows to 640 kb/d in 2019.

More For You

Asda-Getty

Asda, which is dealing with declining sales after a private equity-led takeover, denied any discrimination.. (Photo credit: Getty Images)

Asda staff move closer to £1.2 billion equal pay payout

THOUSANDS of Asda workers have won the latest stage in a long-running equal pay case, bringing them closer to a potential £1.2 blillion payout.

The Manchester employment tribunal ruled that 12 out of 14 lead claimants, part of a case involving 60,000 employees, had jobs of equal value to their higher-paid, mostly male counterparts working in Asda warehouses, The Guardian reported.

Keep ReadingShow less
Diageo-jw-reuters

The global beverage company is known for brands like Johnnie Walker. (Photo: Reuters)

Diageo faces challenges in life after Ivan Menezes

DIAGEO, the global beverage company known for brands like Johnnie Walker and Guinness, has encountered significant challenges following the death of CEO Sir Ivan Menezes in June 2023. Menezes, who had led the company since 2013, was succeeded by Debra Crew.

Under Crew's leadership, Diageo has faced a profits warning and adverse global consumer trends. The company's shares have declined nearly 30 per cent since her appointment.

Keep ReadingShow less
Nirmala-Sitharaman-Reuters

India's finance minister Nirmala Sitharaman presented the annual budget on Saturday, February 1. (Photo: Reuters)

Key points from India's 2025 budget

INDIA will focus on increasing the spending power of its middle class, encouraging private investment, and promoting inclusive development, finance minister Nirmala Sitharaman said on Saturday while presenting the annual budget.

Sitharaman said the budget for 2025-26 includes measures for the poor, youth, farmers, and women. She also highlighted "transformative reforms in taxation."

Keep ReadingShow less
Shoplifting surge costs retailers record £2.2bn

In the 12 months to September 1, 2024, a total of 45,000 cases involving violence or abuse were recorded (Photo: iStock)

Shoplifting surge costs retailers record £2.2bn

SHOPLIFTING across the UK has spiked in recent months costing stores a record £2.2 billion ($2.7bn) in losses, a leading retail organisation warned.

"Retail crime is spiralling out of control," the British Retail Consortium said in its latest annual report, adding that thieves were also becoming more violent towards staff.

Keep ReadingShow less
Nirmala-Sitharaman-Getty

India's finance minister Nirmala Sitharaman will deliver the budget speech on Saturday. (Photo: Getty Images)

What to expect from India's budget

INDIAN prime minister Narendra Modi's government will present the annual budget on 1 February, with a focus on economic growth, job creation, and trade policies amid global uncertainties.

Finance minister Nirmala Sitharaman will deliver the budget speech.

Keep ReadingShow less