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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.

New Delhi, May 23: India witnessed the biggest ever spike of 6,654 positive cases in the last 24 hours, taking the total number of COVID-19 cases to 1,25,101, according to the Union Ministry of Health and Family Welfare.

As many as 137 deaths have been reported in the last 24 hours, taking the death toll to 3,720.
Out of the total number of cases, 69,597 are active and 51,784 have been cured/discharged or have migrated.

Maharashtra continues to remain the worst-affected state with 44,582 COVID-19 cases. It is followed by Tamil Nadu (14,753), Gujarat (13,268), and Delhi (12,319).

The nationwide lockdown imposed as a precautionary measure to contain the spread of COVID-19 has been extended till May 31.

The Jamaat-e-Islami Hind (JIH) has urged Muslims to take precautions during Eid ul-Adha (Bakrid), to be celebrated in the last week of July, and has issued guidelines on offering prayers and sacrifices.

"The namaz should be offered by adhering to the social distancing norms at eidgahs and mosques. Muslims should offer the Eid prayer at home in the same manner as they had done during Eid ul-Fitr in areas where restrictions have been imposed due to COVID-19," it said.

For the sacrifice of animals, a part of the festival, the JIH said "precautionary" measures should be taken due to the pandemic.

"Don't offer qurbani on roads, footpaths and pathways. Ensure the highest level of cleanliness and hygiene. Ensure that you bury the blood and entrails of the animal after qurbani or deliver it at the designated spot of garbage collection," the JIH said in a statement.

The JIH said it would be appropriate to form a committee few days before the Eid ul-Adha, which would keep an eye on the situation, remain in touch with the local administration and offer cooperation towards maintaining the law and order in the area.