India's demand for crude oil will grow faster than China in 2022

According to reports, as India’s economic growth speeds up, India’s demand for crude oil is increasing.
The International Energy Agency (International Energy Agency) stated in its research report that after India surpassed Japan to become the third largest country in global crude oil consumption in 2016, India's demand for crude oil will grow faster than China by 2022.
Fatih Birol, CEO of the International Energy Agency, said in an interview: “India needs not only crude oil, but also coal and solar energy.
After all, India’s economic growth and population are very impressive.
” Next 10 With the structural adjustment of China's economy in 2016, the driving force of China's economy will shift from being driven by infrastructure to driven by the service industry and domestic demand, and the growth rate of China's demand for oil and other energy is expected to slow down.
According to the International Energy Agency, each Chinese consumes 3 barrels of crude oil on average, and it is estimated that by 2022, each Chinese consumes 2.
5 barrels of crude oil on average.
On the other hand, India currently consumes only 1.
2 barrels of crude oil per person, and it is expected to rise to 1.
5 barrels by 2022.
The International Energy Agency’s report stated: “Although the per capita oil consumption of India and China is directly compared without considering the economic and social structure of the two countries, it is not scientific, but overall it is still a reference.
Obviously the future of India The demand for crude oil will rise sharply.
” India’s crude oil imports have risen from about 34 million tons in 1997 to 2.
0.
2 billion tons.
In the future, the Modi government will regard the growth of infrastructure construction as the cornerstone of the Indian economy.
The Modi government’s policies will undoubtedly boost India’s crude oil imports in the future.
And this is also consistent with the rise in international oil prices during this period.
Due to oversupply, international oil prices have been sluggish for more than two years.
However, due to restrictions on investment in the crude oil industry in the next few years, the international crude oil market will be in short supply by 2022.
Therefore, international oil prices will rise.
According to the International Energy Agency's report, the current situation in the crude oil market looks more optimistic, but this situation may not last for a long time.
After all, the crude oil market still faces many uncertainties.
On March 7, the Modi government announced an open-pit mining permit policy, which allows bidders to choose the oil fields they want to exploit.
Such auctions will be held twice a year starting in July this year.
So far, the Indian government has determined all auction blocks, and then auctioned these blocks.
India’s Oil and Gas Minister Dharmendra Pradhan said: “We want to increase crude oil production and hope that more funds can participate.
I must tell you that now is a good time to invest in India’s potential.
”