World Oil Outlook 2021:
The government said that the World Oil Outlook 2021, flagship publication by the Organisation of Petroleum Exporting Countries OPEC, has projected that the oil demand in India is expected to reach around 11 million barrels per day by 2045 as compared to approximately 4.9 million barrels per day in 2021.
- In a written reply to a question in the Rajya Sabha, Minister of State for Petroleum and Natural Gas Rameswar Teli informed this.
- Rameswar said, the government has been taking up the issue, bilaterally with crude oil-producing countries with OPEC and with heads of other international fora to convey India’s serious concerns over crude oil price volatility, and India’s strong preference for responsible and reasonable pricing for consumer countries.
- The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization or cartel of 13 countries.
- Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has since 1965 been headquartered in Vienna, Austria, although Austria is not an OPEC member state.