Oil Demand in India: In the last decade, China may have done the work of speeding up the increase in global oil demand, but India will play this role in the next decade. The rating agency Moody’s Rating has introduced this assessment in a report. China is the second number oil consumer in the world while India is third. But there is a significant difference in the demand of the two countries.
Dependence on imports will be more: Moody’s Ratings said that demand in India and dependence on imports will be higher. In the next decade, the demand in India will increase faster than China, as China’s economic growth is dull and the entry of new energy vehicles is increasing. Crude oil consumption in China will be at its peak in the next 3 to 5 years, while in India, Moody’s expects an annual increase of 3-5 percent in the same period.Also Read: Petrol Diesel Prisies: Raw oil prices started once again, learn the latest price of petrol and diesel
The rating agency said that the two countries are highly dependent on oil and gas imports, but the sluggish increase in demand and increase in domestic production are expected to reduce China’s dependence on oil imports. Moody’s said that if India does not stop the decline in domestic production of crude oil, then its dependence on imports will increase. Accordingly, China’s wide oil and gas consumption underlines the scale of its national oil companies (NOCs), which will probably overtake its Indian counterparts in production growth in the next 3-5 years.Also Read: Petrol Diesel Prisies: Crude Oil prices fell again, reach below $ 60, know the fresh price of petrol and diesel
Indian oil companies faced challenges from old oil wells and slow investment. In addition, Moody’s has also mentioned the difference in the investment objectives of the oil companies of both countries. It said that Indian NOCs are planning to promote domestic oil and gas production, but it is yet to be implemented. Apart from this, investment pressure in green technologies is also more on Indian companies. (Language)
Edited by: Ravindra Gupta
