India’s diesel demand is likely to double to 163 million tonne (MT) in 12 years as consumption rises in the world’s fastest-growing economy, Oil Minister Dharmendra Pradhan said Monday.
In a written reply to a question in the Lok Sabha, Pradhan said as per the International Energy Agency’s World Energy Outlook 2018, the country’s oil demand is projected to jump by 61 per cent to 350 MT of oil equivalent by 2030, from 217 MT in 2016.
India is the world’s third-largest oil consumer.
The country’s compound annual growth rate (CAGR) of 3.47 per cent in oil demand compares with 1.92 per cent projected for China during the 2016-2030 period.
During this period, the US and Japan are likely to witness a contraction of demand, while Russia may just manage a positive growth with consumption rising from 149 MT to 154 MT, he said. Read More
Latest posts by Auto Economic Times (see all)
- Fracking could nearly triple Colombia oil and gas reserves-minister - March 9, 2019
- How India, one of Venezuela’s last oil buyers — may react to sanctions - January 30, 2019
- MORTH type approval norms ‘detrimental’ for CGD project implementation: IAC - January 10, 2019