Indian energy market is set to emerge as third-largest: IEA
The Dollar Business Bureau India’s energy market is set to explode in the near future, and by the early 2020s, the country will overtake Russia to become the world's third-largest refinery, according to a top official of the International Energy Agency. Speaking to the reporters on the margins of the international oil and gas meet CERA Week, Fatih Birol, Executive Director of IEA, said: "India is moving to the centre stage of global oil and energy markets. It is not only oil. It is coal. It is solar. It is out of the strong growth in the economy and the population growth." Petroleum Minister Dharmendra Pradhan is leading the Indian delegation to the event, which is also being attended by ...
Indias oil consumption to outpace Chinas this year, Platts Analytics
The Dollar Business Bureau Oil consumption in India is likely to increase by 7-8% this year, overtaking the demand growth in China for the third year in a row, as the demonetisation impact is expected to be for a short-term, according to Platts. The demand for LPG (liquefied petroleum gas) and transport fuels will increase, while demand for naphtha will get a boost due to new petrochemical projects. “For the third year in a row, India's oil demand growth will outpace China's demand growth,” Platts Analytics said in a note, while adding that it was likely to rise at around 7% to 4.13 million barrels a day in 2017 as compared with 3% in China’s oil demand to 11.5 million barrels a day. The cash crunch ...
Oil prices easing on higher demand this year: IEA
The Dollar Business Bureau Higher-than-predicted demand should augment prices of oil during 2016, though stocks continued to put downward pressure on prices, the International Energy Agency (IEA) said on Wednesday. Revising its previous month's predictions of a rise of 1.3 million bpd, IEA in its monthly oil market report said that this year, the demand for oil globally will increase by 1.4 million barrels per day (bpd) to 96.1 million bpd. While forecasting a ‘return to balance’ in the entire ‘big picture’ direction of market, the energy agency said that the continuing high oil stocks is a risk to the current stability in the oil prices. Last month, the IEA had cautioned that significant rise in prices was unlikely as there is a huge inventory overhang ...
Middle East to dominate oil imports into India: IEA
The Middle East will continue to be the main source of crude imports for India Source: PTI The US could be another source of crude oil supply which could benefit India in the years ahead The Middle East will continue to be a big source of crude oil imports for India with the US being another potential source as country's oil demand is set to increase to five million barrels per day by 2021, the International Energy Agency (IEA) has said. "India is most definitely a growth hotspot country in the period (through to 2021). We are looking at an extra million barrel to be added by 2021 on the back of a very strong economic growth," Neil Atkinson, Head, Oil Industry and ...
