Control your mind: Brahma Kumari Shivani

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, Jun 27: The Bengaluru Police Commissioner’s office on Infantry Road has been sealed after one of the staffers tested Covid-positive. It will remain shut from June 27 to 29. 

A senior police officer from the administrative department, in a media release, stated that almost the entire staff has been asked to work from home, while some have told to work from sub-divisions of DCP’s offices. 

It is said that one of the staffers, who recently reported for duty at Anti-Terror Cell (ATC), tested positive on Friday, and officials took a decision to seal the premises after the media got wind of it. 

Earlier, a function for Drug Observation Day too was held on the premises on Friday. The staff has not been asked to go on quarantine. 

Only a few staffers have been asked to come to the police control room situated in the same building.

Washington, Mar 1: Beginning April 1, Indians wishing to immigrate to America will now have to pay an additional $50,000 for the EB-5 or the US investor visa, a media report said.

Although, this additional tax would impact all visa categories, it will predominantly create a barrier for people investing in the EB-5 visa programme, the American Bazaar daily said in the report on Friday.

In 2019, the EB-5 investor visa programme, for the first time since the 1990's, increased the minimum investment amount to $900,000.

With this increase in minimum investment, the new 5 per cent additional tax would mean that applicants would have to pay the extra $50,000, when they move money to an escrow account in the US to fulfil their application criterion.

"The changes to the tax on remittances is a reminder to Indians to carefully plan their tax position before making the move to the US," the American Bazaar quoted Mark Davies, Global Chairman, Davies & Associates LLC, as saying.

"People seeking to emigrate who do not wish to pay this tax at source and rather account for it later may wish to move their money ahead of the new rules coming into effect.

"It is possible to pre-emptively move money into an escrow account in the US until such a time as they are ready to proceed with emigration process," he added.