Trade Analytics
Oil And Gas
India will overtake Japan to become the world’s third largest oil consumer behind the US and China by 2025.

Growth of Oil and Gas Industry – Infographic

Latest update: December, 2017

  • Oil consumption has expanded at a CAGR of 3.3 per cent during FY2008–16F to reach 4.0 mbpd by 2016.
  • Due to the expected strong growth in demand, India’s dependency on oil imports is likely to increase further
  • Rapid economic growth is leading to greater outputs, which in turn is increasing the demand of oil for production and transportation
  • With rising income levels, demand for automobile is estimated to increase, in turn leading to augmented demand for oil and gas.

Notes: F- Forecast, CAGR - Compound Annual Growth Rate, mbpd - Million Barrels Per Day
Source: Ministry of oil and Natural Gas, BP Statistical Review 2015 BMI Forecasts, Aranca Research

Growth
  • In FY16, total crude oil imports were valued at US$ 64.4 billion as compared to US$ 112.7 billion in FY15. In FY14, imports accounted for more than 80 per cent of the country’s total oil demand.
  • Backed by new oil fields, domestic oil output is anticipated to grow to 1.0 mbpd by FY16.
  • In March 2017, the Indian Strategic Petroleum Reserve Ltd (ISPRL) and Abu Dhabi National Oil Company (ADNOC) of UAE signed an agreement, to fill up 0.81 MMT or 5,860,000 million barrels of crude oil at ISPRL storage facility at Mangalore, Karnataka.
  • According to the Organisation of the Petroleum Exporting Countries (OPEC), the demand for oil across the world will grow by 1.26 million barrels per day (mb/d). Moreover, majority of the oil demand across the globe is expected to originate from India.

Notes: F - Forecast, mbpd - Million Barrels Per Day
Source: Ministry of Oil and Natural Gas, BMI forecasts, Aranca Research

Growth

 

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