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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, Jun 22: With an increase of 14,821 new cases and 445 deaths, India's COVID-19 count reached 4,25,282 on Monday.

According to the latest update by the Union Ministry of Health and Family Welfare (MoHFW), 13,699 deaths have been recorded due to the infection so far in the country.

The rise in confirmed cases today is lower than the highest spike of 15 thousand plus cases registered on Sunday.

The count includes 1,74,387 active cases, and 2,37,196 cured/discharged/migrated patients.

Maharashtra with 1,32,075 confirmed cases remains the worst-affected by the infection so far in the country. The state's count includes 60,161 active, 65,744 cured, discharged patients while 6,170 deaths have been reported due to the infection so far.

Meanwhile, the national capital today became the second-worst affected region in the country with the number of confirmed cases in Delhi reaching 59,746 as opposed to Tamil Nadu's 59,377 cases.

While 2,175 deaths have been reported in Delhi due to the infection so far, the toll in Tamil Nadu stands at 757.