Diesel, petrol prices will remain steady in 2018: Narendra Taneja

India warned that if the prices of crude oil steadily increase, its demand may fall by 10 million barrels per day. This was one of the reasons for this, after which the Organization of Oil Exporting Countries (OPEC) initiated an increase in production to bring down the price of crude oil. During the OPEC meeting in Vienna last week, Petroleum Minister Dharmendra Pradhan and officials involved in his team kept consumers in front of this organization of the world’s most powerful oil producing countries.

Sources linked to the case said that Pradhan and chairman of Indian Oil Corporation (IOC) Sanjeev Singh also presented an informal form about the impact on high price demand. It states that if crude oil prices reach $ 100 per barrel level then by 2025, there will be a reduction of about one million barrels per day in demand. In OPEC meeting, it was decided to increase production of one million barrels per day. Already 3.2 to 3.3 million barrels per day are being produced.

This decision can give some relief to consumers from America to China and India. India is the world’s third largest and fast growing oil consumer. India’s crude oil consumption in the financial year 2017-18 is 20.49 million tonnes. India’s demand in the fiscal year ending March 31, 2018 increased by 5.3 percent. The International Energy Agency (IEA) estimates that India’s crude oil demand will reach 458 million tonnes by 2040. In the year 2025, the price of oil is estimated at 83 dollars per barrel and 2040 to 130 dollars per barrel.
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