Oil Demand in India to Rise to 9mbpd by 2040: Oil India

Oil demand in India is expected to surge from 5mbpd to about as much as 9mbpd by 2040 according to Oil India Chairman Ranjit Rath on the sidelines of the World Petroleum Congress in Calgary.

• “From a demand point of view, I see India as a fantastic destination,” Rath said. “One, we are 1.4 billion people, and two, India has now positioned itself as a refining hub. So we import crude oil, reprocess it and export the product while ensuring that we meet our internal needs.”
• Oil India plans to boost output to about 4m metric tons from the current 3.2m metric tons with about $1 billion in upstream investment this year.
• Investments in oil and gas are essential to fund the global transition to cleaner fuels, Rath said. ‘Invest in hydrocarbons, and that revenue stream will help you scale up your alternative-energy portfolio,’” he said