PM condemns killing of BJP leader in Anantnag

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.

Shirdi, Jan 18: The administrative body of Sai Baba's Samadhi calls for the indefinite closure of the Shirdi temple after Maharashtra Chief Minister Uddhav Thackeray reportedly said Pathri in Parbhani is Sai Baba's birthplace.

"We have announced to close Shirdi against rumours from January 19," said B Wakchaure of Saibaba Sansthan Trust.

"A meeting of villagers will be convened Saturday evening to discuss the issue. Devotees will not face any difficulty if they come to Shirdi," Mr Wakchaure added.

May 30: A total of 513 domestic flights carrying 39,969 passengers were operated in India on Friday, Civil Aviation Minister Hardeep Singh Puri said on Saturday.

Domestic services resumed in India after a gap of two months due to the coronavirus lockdown. Indian carriers have operated a total of 1,827 flights till Thursday -- 428 on Monday, 445 on Tuesday, 460 on Wednesday and 494 on Thursday.

Puri said on Twitter on Saturday: "Day 5. 29th May till 2359 hrs. Departures 513. 39,969 passengers handled. Arrivals 512. 39,972 passengers handled." A departure is counted as a flight during the day.

During the pre-lockdown period, Indian airports handled around 3,000 daily domestic flights, aviation industry sources said.

In February, when the lockdown was not imposed, around 4.12 lakh passengers travelled daily through domestic flights in India, according to Directorate General of Civil Aviation (DGCA) data.

Airports in West Bengal, Andhra Pradesh, Maharashtra, Telangana and Tamil Nadu have been allowed to handle a restricted number of daily flights as these states do not want a huge influx of flyers amid the rising number of COVID-19 cases.

While domestic services resumed in Andhra Pradesh on Tuesday, they restarted in West Bengal on Thursday.

Though domestic flight operations across the country began on May 25, they could not be restarted in Kolkata and Bagdogra as the West Bengal machinery was involved in relief and restoration work after cyclone Amphan's devastation.

A total of 16 asymptomatic passengers on seven different flights, including 13 who travelled by IndiGo, have tested positive for COVID-19 since the resumption of domestic air services.