BJP supremo Amit Shah to visit Mangaluru on Oct 4

Mumbai, Jan 10: India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said on Friday.

India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making the country more reliant on crude imports and more vulnerable to supply disruption in the Middle East, the agency said.

China’s demand growth is likely to be slightly lower than that of India by the mid-2020s, as per IEA’s China estimates given in November, but the gap would slowly become bigger thereafter.

“Indian economy is and will become even more exposed to risks of supply disruptions, geopolitical uncertainties and the volatility of oil prices,” the IEA said in a report on India’s energy policies.

Brent crude prices topped USD 70 a barrel on rising geopolitical tensions in the Middle East, putting pressure on emerging markets such as India. Like the rest of Asia, India is highly dependent on Middle East oil supplies with Iraq being its largest crude supplier.

India, which ranks No 3 in terms of global oil consumption after China and the United States, ships in over 80 per cent of its oil needs, of which 65 per cent is from the Middle East through the Strait of Hormuz, the IEA said.

The IEA, which coordinates release of strategic petroleum reserves (SPR) among developed countries in times of emergency, said it is important for India to expand its reserves.

REFINERY INVESTMENTS

India is the world’s fourth largest oil refiner and a net exporter of refined fuel, mainly gasoline and diesel.

India has drawn plans to lift its refining capacity to about 8 million bpd by 2025 from the current about 5 million bpd.

The IEA, however, forecasts India’s refining capacity to rise to 5.7 million bpd by 2024.

This would make “India a very attractive market for refinery investment,” IEA said.

Drawn to India’s higher fuel demand potential, global oil majors like Saudi Aramco, BP, Abu Dhabi National Oil Co and Total are looking at investing in India’s oil sector.

Saudi Aramco and ADNOC aim to own a 50 per cent stake in a planned 1.2-million bpd refinery in western Maharashtra state, for which land is yet to be acquired.

Bengaluru, Jul 10: Alarmed by the surging COVID-19 cases across the state, especially in Bengaluru, Karnataka Chief Minister BS Yediyurappa on Thursday urged the state capital’s residents not to visit their villages to prevent the infection’s spread.

“I urge the people of Bengaluru not to travel to their villages and prevent the infection from spreading in rural areas,” Yediurappa told reporters.

Admitting that the battle against the virus would be long, he said that the fight against COVID-19 could be won only through persistent efforts and with people’s cooperation with the frontline ‘warriors’.

“Combating the pandemic through preventive measures, providing treatment to the infected and saving lives are our priority,” he said.

With a record 2,228 positive cases on Thursday, the southern state’s COVID-19 tally shot up to 31,105, including 17,782 active cases, while 457 people have died of the infection till date, 17 just in the last 24 hours.

Of the new cases in the state, Bengaluru accounted for 1,373, taking its tally to 13,882, including 10,870 active, while 177 have succumbed to the virus since March 9.

No deaths were, however, reported in the city on Thursday.

Of the 457 patients in intensive care units (ICU) across the state, 292 are in Bengaluru hospitals.

Since unlock began on June 1, COVID-19 cases shot up to 15,242 on June 30 from 3,221 on May 31 and to 31,105 in 9 days since July 1.

Similarly, in Bengaluru, positive cases shot up to 4,555 on June 30 from 358 on May 31 and rose to 13,882 in 9 days since July 1.

The Chief Minister also appealed to all legislators of the ruling and opposition parties to give priority to contain the disease in their Assembly segments.

“Visit the COVID-19 designated hospitals and inspect if the required facilities are in place and bring any shortcomings to our notice,” the CM said