OIL NEWS: India BECOMES China as Global Oil Engine | World | News

A new report from energy consultancy Wood Mackenzie has said India’s demand for oil will exceed India’s.

Research director Sushant Gupta said growing demand would present challenges for India.

He said: “This is clearly a daunting task, unless domestic refiners can commit to their planned capacity additions.

“We believe the most likely situation is that India would need between (3.2 million and 4.7 million barrels per day) new capacity by 2035 to remain self-sufficient in transport fuels.

“So we’re talking about a future capacity which is 1.7 to 2.0 times the current one.”

India is working to reduce its dependence on oil, with Prime Minister Narendra Modi demanding that the country triple its solar power production while halving its imports of oil and natural gas.

It comes as the Indian government faces questions over its decision to demonetize the currency in November 2016.

The Indians returned almost all of the currency withdrawn during the government’s November 2016 ban on banknotes.

This raises new questions about the purpose of a shock move that triggered a sharp slowdown in the economy.

In its annual report, the Reserve Bank of India said the total value of banknotes returned by the public was 15.3 trillion rupees ($ 216.7 billion), or 99.3% of the total of 15.4 trillion dollars. Rupees banknotes in circulation on November 8, 2016.

“The numbers show that the demonetization exercise has been a failure,” said a chief economist at a bank, who requested anonymity because the subject is sensitive.

“Almost the entire amount came back, showing that people weren’t accumulating money in cash.”

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Felix J. Dixon