Tuesday, March 5, 2024
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HomeBusinessIndia's influence in global petroleum products market to increase from 2022: IEA...

India’s influence in global petroleum products market to increase from 2022: IEA – Times of India



BETUL (GOA): The role of India as a country global swing supplier of refined petroleum products has increased since 2022 as the loss of Russian exports The attraction of Asian diesel and jet fuel to the West has increased to European markets, the International Energy Agency said on Wednesday, reiterating that the country’s oil demand growth will surpass that of China in 2027.
But rapidly rising oil consumption and high dependence on imports also make energy security a key political priority for New Delhi in the wake of the global energy crisis and market disruption following Moscow’s invasion of Ukraine, according to the agency’s latest report on the Indian oil market. saying.
“India’s role in global oil markets is expected to expand substantially over the rest of the decade, driven by strong growth in its economy, population and demographics,” says the report, published at Energy Week in India.
India became the fourth largest exporter of middle distillates globally and the sixth largest exporter of refinery products with 1.2 million barrels per day (mb/d) in 2023, it said. On the demand side, the report says India is on track to record an increase of almost 1.2 mb/d of oil, representing more than a third of the projected global increases of 3.2 mb/d, to reach 6.6 mb/d in 2030. .
India has an annual refining capacity of 250 million tonnes and is expected to reach 240 million tonnes by 2030. The country emerged as an exporter of products after Reliance Industries Ltd and Essar (now known as Nayara) built large refineries in Gujarat between 1999 and 2008, respectively.
Reliance dominates exports to the Atlantic basin and Southeast Asia, while Nayara focuses on Africa. India exported 45.2 tonnes of petroproducts in the April-December period of fiscal year 2023-24, compared to 45.4 tonnes in 2022-23.
Indian exports of petroproducts, boosted by cheap Russian crude since the Ukraine conflict, avoided a global shortage of products by filling the void created after Europe and the United States stopped buying Russian supplies.
India will maintain its position as a key exporter of transportation fuels as continued investment in refining capacity and complexity will boost production of light and middle distillates. The IEA considered that the new capacity would boost global product exports to 1.4 mb/d until mid-decade before falling to 1.2 mb/d by 2030, given the steady rise in domestic demand.





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