India Petroleum Oil & Coal Imports to Rise with Growing Energy Demand

As per India Import Data, India could witness the biggest increase in the energy demand all across the globe over the next 20 years with the potential for oil consumption increasing as high as 4 million b/d to 8.7 million b/d by 2040.

This sharp surge in energy demand predicted over the next decade will make the country to import more petroleum oil and coal as renewable energy on its own may not be able to cater the entire incremental demand.

India Export Data shows petroleum oil and coal together accounts for 70% of India’s energy basket in which petroleum liquids share 25% and coal share 45%. However, the imports of petroleum liquids in India reduced in April, May, and June in period of Jan – Jun 2021. The top import sources of petroleum oil are South Korea, United Arab Emirates, Singapore, Qatar, Saudi Arabia, United States, Iran, Oman, Taiwan and Netherlands.

As per the Import Export Data the coal imports of the country fluctuated in first 6 months of 2021. Except in the month of March all other demand recorded in value of shipments. The top import sources of coal are Australia, Indonesia, South Africa, United States, Russia, Canada, Mozambique, Kazakhstan, New Zealand, and Austria.

The main challenge for the country is the fact that 70% of its Co2 emissions come from burning coal, mainly in the power sector. India’s annual electricity demand is anticipated to grow on an average b 4.4% over 2020-2030.

The coal power capacity is projected to grow from present 203 GW to 220-230 GW by 2025. Industrial coal demand is expected to remain firm as power, cement and steel companies are dependent on coal with a lack of affordable options.

The country will face major challenge to reduce emissions by lowering dependency on coal and petroleum liquids imports. Also, the country needs to import more coal and petroleum products to meet growing demand.

The growing energy demand of the country will make it more reliant on fossil fuel imports as its domestic oil and gas production has been stagnant for years despite government policies to promote petroleum exploration and production and renewable energy.

The country will be the third biggest energy consumer all across the globe after the United States and China by the year 2030. India is the world’s second biggest net oil importer after China currently imports about 76% of its crude oil requirements.

The rising oil demand could double the country’s oil imports bill to about $181 billion by 2030 and approximately triple it to $255 billion by 2040 as compared to 2019.

Visit the Following Page for More Information-

How to Import Goods in India? Procedure for Importing Goods

Comments

Post a Comment

Popular posts from this blog

Import and Export Procedures in Vietnam 2023

Import Procedures in Vietnam: Import License: Some goods require an import license issued by the relevant authorities in Vietnam. Importers should check whether their products fall under this category. Customs Declaration: Importers must complete customs declarations accurately and submit them along with supporting documents to customs authorities. Vietnam Import Data Customs Clearance: Imported goods must undergo customs clearance procedures, which include inspection, assessment of duties and taxes, and compliance verification. Payment of Duties and Taxes: Importers are responsible for paying import duties, taxes, and other applicable fees based on the classification and value of the imported goods. Documentation: Required documents for importation typically include commercial invoices, packing lists, bill of lading or airway bills, import permits or licenses (if applicable), and certificates of origin. Export Procedures in Vietnam: Export Registration: Some products may require ex...
Read more

Russia Import Export Statistics 2023

  Russia's trade activities were significant, with both exports and imports playing crucial roles in its economy. Here's a general overview: Exports: Energy Resources: Russia is renowned for its vast energy resources, particularly oil and natural gas. These resources constitute a substantial portion of Russia's export revenue. Russia Export Data Minerals and Metals: Russia also exports various minerals and metals, including iron ore, coal, aluminum, and copper. Arms and Military Equipment: The country is a significant exporter of arms and military equipment to various countries around the world. Agricultural Products: Russia exports agricultural commodities such as wheat, barley, and other grains. Imports: Machinery: Russia imports machinery and equipment for industrial purposes, including machinery for manufacturing and infrastructure development. Russia Import Data Consumer Goods: Like many countries, Russia imports various consumer goods such as electronics, clothi...
Read more

Importance of Turkey Import Export in Trade Data Business

Are you planning to do trade business with Turkey? If so, it is very important to know the trade dynamics of the country so that you can make informed business decisions. Here comes the need of Turkey Global Import Export Data details on real-time basis for successful international trade expansion. Turkey Import Data is collected of statistical information about each company’s business activities. It is based on the shipping bills, import bills, invoices and other import export documents. The data provides a bird’s eye view of the commodities that are imported or exported in Turkey. The Turkey import and export data contains information about price, HS code, importers’ details, exporters’ details, custom data, shipment data, competitors’ data, product description and quantity. Know the importance of Turkey import export data 1. The authentic and real-time import export data is used to estimate the consumption pattern of Turkey. The businesses can predict the local demand of commoditi...
Read more