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Expected to be one of the largest contributors to non-OECD petroleum consumption, the refinery capacity of crude oil in India was expected to be over * million metric tons per annum during the financial year 2024. The economic growth in the south Asian country is closely related to energy demand, and with increasing industrialization and automation, the demand for petroleum products has been on a rise over the years. The volume of crude oil imports in the country peaked at almost *** million metric tons during financial year 2020, most likely due to the increased energy consumption over the region. 

Major players

With a workforce of over ** thousand, Indian Oil is a major contributor in the refining and development sector. A gigantic number of almost ** thousand customer touch-points provides energy access to millions of people across the nation. The brand value of the company in 2018 amounted to over four billion U.S. dollars. There has been however, strong competition from Reliance Industries limited. The ever-expanding network of activities undertaken by Reliance also includes the petroleum sector. The company owns the world’s largest refining hub and the revenue generated by Reliance’s oil and gas business was over ** billion Indian rupees during financial year 2018.

Energetic future?

The demand for energy is anticipated to rise with economic growth. The country however, slipped in its “fastest growing economy” tag to China after suffering a shocking a drop in GDP growth, presumably putting some pressure on the newly re-elected Prime minister Narendra Modi and his re-elected government as of May 2019.