Published on September 26, 2018
India’s crude oil demand is likely to escalate to 500 million tonnes per year by 2040, but increase in oil prices might act as a dampener for the rate of growth. Globally oil demand will increase by 15.8 million bpd from now till 2040. India’s growth of 5.9 million bpd will make up about 24 percent of the overall gain. India’s refining capacity would increase to about 439 million tonnes per year by the financial year of 2030 as new and existing refineries continue enhancing their infrastructure, while domestic demand is forecast to increase to 356 million tonnes per year over the same period.
