Crude Oil Consumption

The leader of the coalition of gas-exporting countries said on Tuesday the group expects demand for the fuel to far outstrip supply until 2025 amid a global energy crisis sparked by the war in Ukraine. Secretary General of the Gas Exporting Countries Forum Mohamed Hamel, of Algeria, said at the group's meeting in Cairo that although investment was increasing in natural gas production the countries didn't expect to have new sources of supply online for another three years. We believe that this market tightness to be with us until probably 2025 or 2026 when the new projects that are being developed will come on-stream, he said in a press conference on Tuesday attended by energy ministers from some of the coalition's members. Natural gas prices have skyrocketed worldwide following the Russian invasion of Ukraine early this year. Amid sanctions imposed on Russia's energy sector, much of European Union, which formerly depended on Russia for 40 per cent of its supply, has struggled find .

Iraq, India's biggest crude oil supplier, maintained its lead over Russia in August, supplying 12-20 per cent more to India in the first 30 days of the month

Fuel consumption in the world's third-biggest oil consumer also increased in June, and seemed to be heading back towards pre-pandemic levels.

According to a government statement, this move shall ensure marketing freedom for all exploration and production (E&P) operators

China's oil consumption is likely to peak around 2026 at about 16 million barrels per day and that of natural gas by around 2040, according to a top executive of Sinopec Corp.

Oil demand in China, the world's top energy consumer, will be 13% higher in the fourth quarter than in the same period in 2019 before the pandemic

The virus resurgence in India and other nations apart from China is reducing consumption of products such as gasoline.

The UK giant is describing a different future, where oil's supremacy is challenged, and ultimately fades

Industry experts say consumption of petroleum products in April was only 30-40% of what it had been prior to lockdown

An extension will only increase the human cost

A disruption in supply chain, no cash flow, non-availability of labour, and the fall in purchasing power will break many businesses

Brent crude futures were up 7 cents at $59.19 a barrel by 0939 GMT, after climbing to as high as $59.71 earlier in the day

The nation's consumption of petroleum products in the financial year to March 2020 is expected to rise by 1.3 per cent to 216 million tons, the oil ministry's Petroleum Planning and Analysis Cell said

The shift from scarcity to abundance has been brought about in an astonishingly short time by America's "fracking" revolution, leading to massive benefits for consuming countries

Consumption of crude oil by refineries in the country is projected to grow at the rate of 4.5 per cent CAGR (compounded annual growth rate) and reach the level of 2145.3 million barrels by 2021-22, says a report by Care Ratings.The report, however, said there is a flip side for crude oil consumption on account of increasing use of natural gas as India is on the move towards a gas based economy, natural gas being a cleaner and greener fuel alternative. Besides this, rapid adoption of electric vehicles by 2030 could cause oil demand to plateau."Domestic crude oil production is expected to further increase and become more stable by the end of FY 2018-19. With the introduction of Hydrocarbon Exploration and Licensing Policy where companies get to carve out their areas of interest to explore through the open acreage licensing coupled with the rise of crude oil prices globally, domestic production will rise steadily at a stable growth rate", the report said.Indian economy is to grow by 6.5 .