2024-02-13 06:55:00
INDIA NEED OIL DISCOUNT
BLOOMBERG - Feb 9, 2024 - India’s oil minister said the country isn’t concerned about OPEC+’s output cuts and Saudi Arabia’s recent decision not to expand production capacity.
“There is enough oil in the world and new suppliers are coming in,” Hardeep Singh Puri said on the sidelines of India Energy Week in Goa. “You decide, you want to sell it or you want to keep it in the ground.”
The world’s third-biggest oil importer behind China and the US, India is set to be the single largest source of global oil demand growth between now and 2030 thanks to a booming economy, growing middle class and youthful demographics, according to the International Energy Agency.
India’s oil-buying spree comes as the Organization of Petroleum Exporting Countries and its allies, including Russia, are capping their production amid demand concerns. OPEC+ agreed to withhold roughly 2 million barrels of daily output in the first quarter to avert a glut. In addition, Saudi Aramco last month abandoned a plan to boost its oil output capacity to 13 million barrels a day by 2027, raising further questions about the kingdom’s view on future consumption.
“If the Saudis or anyone else say they don’t want to produce, I think they have the right to do it,” Puri said.
Puri’s comments represent a more relaxed stance toward OPEC+ cuts than New Delhi has shown in the past. There was a visible rift between the two sides in 2021, when India repeatedly urged the alliance to bolster production and complained during a public conference that OPEC+ policy was “creating confusion for the consuming countries.”
India has remained neutral in the West’s standoff with Russia following the invasion of Ukraine, seeing it as an opportunity to buy discounted Russian barrels. As a result, Russia now accounts for some 30% of Indian crude imports, overtaking traditional suppliers like Iraq and Saudi Arabia.
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Earlier:
2024, February, 9, 06:40:00
INDIA'S ENERGY DEMAND WILL DOUBLE
"India currently ranks as the world's third-largest energy consumer, oil consumer, and liquefied petroleum gas consumer. Additionally, it stands as the fourth largest importer of liquefied natural gas, refiner, and automobile market globally. Presently, India is witnessing record-breaking sales in both two-wheelers and four-wheelers, alongside a growing demand for electric vehicles," Modi added.
2024, February, 7, 06:40:00
INDIA NEED COAL ENERGY
India is already exploring coal gasification, for which it is setting aside 85 billion rupees ($1 billion) in subsidies to help get projects off the ground. The early-stage technology, which turns coal into gas to generate electricity, results in marginally lower emissions compared to conventional coal firing.
2024, February, 2, 06:55:00
INDIA NEED OIL REFINING
India’s refining capacity is projected to increase by 56 million tons by 2028, Junior Oil Minister Rameswar Teli said last month, without elaborating. That equates to an overall capacity boost of 22%, or 1.12 million barrels a day.
2024, February, 2, 06:50:00
INDIA NEED MORE COAL
India recorded a peak electricity demand of 243 gigawatts last year, exceeding the power ministry’s projections of 229 gigawatts and prompting the ministry to push for more coal power. Maximum demand is expected to jump to 366 gigawatts by 2032.
2023, December, 21, 06:35:00
INDIA'S ENERGY DEMAND WILL UP
In November, days ahead of the UN Climate Change Conference in Dubai, India's power minister RK Singh said the country would need to add 80 GW of new thermal capacity by 2031-2032 to meet demand.
2023, November, 3, 06:45:00
INDIA NEED VENEZUELA'S OIL
India, the world's third biggest oil importer and consumer, ships over 80% of its oil needs from overseas and wants to cut its crude import bill.
2023, October, 6, 06:40:00
INDIA NEED OIL
Puri has long called for OPEC and its allies led by Russia, known as OPEC+, to consider how their policies affect oil-consuming countries.
