{"id":9062,"date":"2023-12-11T12:43:46","date_gmt":"2023-12-11T12:43:46","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9062"},"modified":"2023-12-11T12:43:46","modified_gmt":"2023-12-11T12:43:46","slug":"india-to-boost-oil-refining-capacity-by-1-million-bpd-a-year-until-2028","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9062\/","title":{"rendered":"India to Boost Oil Refining Capacity by 1 Million Bpd a Year Until 2028"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India, the world\u2019s third-largest crude oil importer, expects to raise its refining capacity by around 1.12 million barrels per day (bpd) each year until 2028, according to India\u2019s junior oil minister Rameswar Teli.<\/p>\n

Total Indian refining capacity is expected to increase by 22% in five years from the current 254 million metric tons per year, which are equal to around 5.8 million bpd, Teli told lawmakers in a written statement carried by Reuters<\/a>.<\/p>\n

Crude processing capacity is set to grow by 56 million tons a year, or around 1.12 million bpd, Teli wrote.<\/p>\n

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The government expects the boost to refining capacity to be \u201cadequate\u201d to meet the country\u2019s fuel demand in the long term, according to Teli.<\/p>\n

India has been planning an increase in its refining capacity for years, as it is expected to topple China as the fastest-growing crude demand market in the future.<\/p>\n

Two years ago, India\u2019s state-held oil refiners were planning to spend as much as US$27 billion<\/a> (2 trillion Indian rupees) on raising the country\u2019s refining capacity by 20% by 2025.<\/p>\n

India will be the fastest-growing major developing economy, averaging long-term growth of 6.1% between 2022 and 2045, and accounting for over 28% of incremental global energy demand during the same period, OPEC said in its World Oil Outlook 2023 earlier this year.<\/p>\n

By 2028, global oil demand is set to reach 110.2 million bpd, up by 10.6 million bpd compared to 2022, with non-OECD oil demand expected to increase by 10.1 million bpd, reaching 63.7 million bpd by 2028.<\/p>\n

India will be the driver of growth through 2045, expected to add 6.6 million bpd to oil demand over the forecast period, OPEC said<\/a>. Other Asia\u2019s oil demand is set to increase by 4.6 million bpd, China\u2019s by 4 million bpd, Africa\u2019s by 3.8 million bpd, and the Middle East\u2019s by 3.6 million bpd.<\/p>\n

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