India’s increasing demand for crude oil

India imports more than 85% of its crude oil requirements, and oil demand is only expected to rise in the coming years. Paris-based International Energy Agency has projected it to increase from 4.7 million barrels per day (bpd) in 2021 to 6.7 million bpd by 2030.

Currently, India has a refining capacity of around 250 million tonnes per annum. Plans are underway to notch it up to 450 million tonnes in the next few years.

In March, India’s crude oil demand was driven by bitumen, used to build roads. Sales soared 16.5% to 933,000 tonnes from February. Transportation fuels like diesel, which account for 40% of the country’s total consumption, also jumped 11.6% in March to 7.87 million tonnes.

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