India’s oil boom: Growing into role as No. 1 in global demand

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India is moving into position to be the biggest driver of global oil demand growth, and it is seeking new investment in its own energy industry.

India’s energy minister announced a new round of bidding for upstream and downstream investments on Monday. “We want to increase our production. We want to invite investment,” said Shri Dharmendra Pradhan, the country’s minister of petroleum and natural gas, speaking at the annual CERAWeek conference in Houston. “I must tell you there was never a better time to be in India. I encourage both existing and new players to come forward and avail the opportunity,” he said in prepared remarks.

Just before the minister addressed media, Fatih Birol, International Energy Agency executive director, told reporters that India and China would be responsible for about half of oil demand growth. He said India has just become first in oil demand growth, but not yet natural gas.

“India is the third-largest oil consumer in the world, which is a clear indication of the importance of petroleum products in our daily lives,” Pradhan said. “Also, according to the International Energy Agency, we are likely to contribute the most to the rise in global energy demand over the coming decades.” …

Read more : CNBC, 05.03.2017