India sees return to normal oil demand by year-end
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Some of the world’s biggest oil companies and leading traders predict oil at $100 a barrel
India expects fuel demand to get back to pre-virus levels by the end of 2021 as the world’s third-biggest oil consumer emerges from the clutches of the Covid-19 pandemic.
“There are signs of demand resurgence due to lifting of lockdowns and gradual pickup in economy,” India’s Oil Minister Dharmendra Pradhan told Bloomberg New Energy Finance’s Ashish Sethia at the BNEF Summit held virtually on Tuesday. “We are confident by the end of the year, we will be in a very robust position to restore our original consumption behaviour.”
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Taking a stand that the energy transition to cleaner sources is underway, Petroleum Minister Dharmendra Pradhan said that fossil fuels will not have acceptability forever. Fossil fuels will be a bad word in the decades to come. There is a growing shift towards the clean energy ecosystem. India must look at this for being a global leader, Pradhan said while speaking at a ceremony to mark launch of compressed biogas projects. He asked oil and gas companies to take a lead in these initiatives, suggesting they focus more on using farm waste to energy projects. During the event, public sector undertaking (PSU) companies, IndianOil, Bharat Petroleum, Hindustan Petroleum, Indraprastha Gas, and GAIL (India) signed an agreement to boost the viability of compressed biogas projects in the country. Under the agreement, these PSU companies decided to buy compressed biogas (CBG) made from projects that were supported by the signing parties.
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