India is the world’s fastest growing crude oil consumer and has a note of warning for OPEC (Organization of the Petroleum Exporting Countries), start reducing prices, or waning demand or will refrain from purchases of the crude cartel.
India is the world’s third largest and fastest growing oil consumer the highest in major economies of the world. It consumed 204.9 million tonnes of 4 million barrels of oil per day, in 2017-18 fiscal year. Its demand had grown by 5.3 percent in the fiscal year to March 31, 2018,
Last week in Vienna At the meeting of the Organisation of Petroleum Exporting Countries (OPEC), Oil Minister Dharmendra Pradhan and his team of officials presented the consumer side to the world’s most powerful oil producers.
The outcome of the OPEC meeting was an additional 1 million barrels per day on top of 32-33 million barrels per day of its current production, a decision that was attributed to consumers from the US to India and China expressing anxiety over rising prices.
The minister had said that global crude prices have gone beyond the threshold which can be sustained by the world.
If prices continue rising at the pace they’ve been gaining in the past month and a half, India’s consumers will likely see alternatives such as electric vehicles and likely see alternatives such as electric vehicles and gas as more cost-effective, replacing 1 million barrels of the country’s daily oil use by 2025, he said