look news india
Mumbai: India is expected to witness the highest increase in crude oil demand in the current year. According to the latest report of the International Energy Agency, India's crude oil demand is expected to increase by two lakh barrels per day in 2024. India has recommended crude oil exporters to increase production.
For the first time, India will overtake China in terms of increasing demand for crude oil.
Global demand for crude oil is seeing the slowest growth since 2020. Crude oil prices have also seen a big decline in August.
Due to the economic slowdown in China, the demand for crude oil is decreasing and its effect is being seen on the prices of crude oil. The price of ICE Brent futures, which reached $ 90 per barrel in April of the current year, is currently in discussion around $ 70. Current prices are at their lowest level since the latter half of 2021.
Meanwhile, keeping in mind the increasing demand in the country, Oil Secretary Pankaj Jain has recommended increasing the production of crude oil from the Organization of Petroleum Exporting Countries (OPEC) and Russia.