India To Be Key Driver Of Global Oil Demand In Coming Decades: Oil Minister

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India has welcomed worldwide firms to invest into its strategic petroleum reserves (SPRs) as the country's energy utilization development would be quickest among enormous economies in the coming many years, oil minister Dharmendra Pradhan told in a conference meeting.  

India's fuel request has nearly recovered to pre-COVID-19 levels and the country will reach the quickest development in energy utilization. 

To attract private investment in its SPRs, India has permitted Abu Dhabi National Oil Co (ADNOC) to re-trade a portion of its oil stored in Mangalore SPR, reflecting a model received by South Korea and Japan 

The nation is building two more business cum-vital oil storage with a capacity of 6.5 million tons. 

The oil minister said "I welcome worldwide energy players to come and invests into this venture," he stated, adding India's fuel request has nearly recovered to the pre-Covid levels.  

A month ago, local deals of key powers - gas, Gasoil, and cooking gas - in India rose compared with a year ago. "We envision that this recovery way in energy demand development in India will continue in the coming months," he said. 

India needs to cut its carbon emissions and raise the portion of gas in its energy blend to 15% by 2030 from the current 6.2%.

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