At a time when India is trying to cut its oil import by 10%, a study by S&P Global Platts today stated that India’s crude oil demand is expected to go at a compound annual growth rate of 5% per year till 2020.
The report also forecast an 8% annual GDP growth for India over the next few years. The report states that oil products demand is expected to grow annually by 7-9% in the next five to ten years. While gas demand is likely to grow by 7%, power demand is set to zoom astronomically by 44% from 2016 levels by 2020. “To secure long-term energy and resource needs, India will need partners, it will need reliable supply chains and foreign investment,” said Sambit Mohanty, senior editor, Asia Pacific at S&P Global Platts. Read more