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Report on Indian Crude Oil Industry available through

Press Release   •   Nov 21, 2011 15:06 IST

Global oil demand managed to increase in 2010; as the slump in oil demand from OECD countries were outwitted by the increase in consumption in the Asia-Pacific region. Supply also remained volatile because of Libyan unrest followed by the meeting held in 2011 where OPEC members were mutually not able to decide on production quotas. In last one year the WT crude prices also witnessed high volatility, it traded in the range of $75 to $113 per barrel.
 On the other hand, India continued to report a sharp increase in crude oil consumption amid the economic buoyancy. However, growth of the crude oil consumption (4-year CAGR of 6.0 per cent) has not been able to keep pace with growth in GDP (4-year CAGR of 8 per cent) primarily due to rising crude prices and increased contribution of the service sector in the GDP. About 80 per cent of this incremental demand is satisfied through imported crude oil amid the declining domestic production from matured fields. The rising import along with stabilizing crude prices have led to a sharp run-up in India’s oil import bill, more than 60 per cent of which can be attributed to the increase in oil prices. industry analysis reports
 CARE Research has developed an Oil Intensity Model to forecast global oil demand over the next two years. The model involves CARE Research’s quantitative and qualitative judgment on oil intensities of over 70 countries and has utilized GDP forecast by the International Monetary Fund (IMF). On the supply side, CARE Research has used a combination of the decline rate methodology and its Oil Fields Database comprising over 170 new fields that are expected to come on-stream in the next two years to forecast global oil supply.
 CARE Research expects global crude oil demand to continue to grow as the slump in oil demand from OECD countries will be outwitted by the increase in consumption in the Asia-Pacific region. On the supply side, we expect OPEC spare capacity to remain high despite surging demand primarily due to addition of significant new oil production capacity. Our outlook on prices is formulated based on our supply and demand forecasts. We expect that any movement in oil prices to be more reflective of demand side factors in next 2-3 years, post which the price reactions would be more focused on supply side factors.
 All Rights Reserved. No part of this report may be reproduced or transmitted in any form without prior written permission from CARE.
 * Per Capita Oil and Gas Consumption per capita (2009)
 * India’s GDP Growth Rate versus Demand Growth of Petroleum Products
 * Refinery-wise Crude Oil Consumption Pattern (2005-11, ‘000 tonnes per year)
 * India’s Crude Oil Production Break-up, Company- wise and State- wise (million tonnes)
 * Snapshot of X and XI Plan Period Crude Oil Production (million tonnes)
 * Region-wise crude oil imports during 2006-07 to 2009-10 (April 2009-January 2010)
 * Historic Oil Import Bill
 * Company- wise Crude Oil Imports and Dependence on Imported Oil
 * Classification of Crude Oil Tankers
 * Types of Shipping Chartering
 * World Seaborne Trade in 2006-08, by type of cargo (million tonnes)
 * World-wide Average Age Distribution of Crude Oil Tankers
 * Major Acts Governing Indian Shipping Industry
 * India: Summary of Coastal & Overseas Tonnage as on October 31, 2010
 * Notional Savings in Pipeline Mode of Transport per Year
 * Average Capital Expenditure for Liquid Pipelines (Rs. million/MMTPA/km)
 * Average Capital Expenditure for Gas Pipelines (Rs million/mmscmd/km)
 * Break-up of Operating Expenses of Crude Oil Pipeline
 * Summary of Existing Crude Oil Pipelines in India
 * Summary of Future Crude Oil Pipelines in India
 * Summary of NELP Exploration Blocks
 * Company-wise Number of Discoveries under NELP Regime
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