• Monday, August 15, 2022

Business

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

India’s Crude Oil Demand to Touch 500 Million Tonnes Per Year by 2040 (Photo: SAM PANTHAKY/AFP/Getty Images).

By: Radhakrishna N S

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…

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